Tankers divert to Egypt as Houthi threat upends Red Sea trade

Empty supertankers are heading to Egypt’s Mediterranean port of Sidi Kerir to collect Saudi crude as observable traffic at the kingdom’s key Red Sea export hub dwindles following threats from Houthi militants.

At least eight very large crude carriers are signaling Sidi Kerir and are set to arrive in the coming weeks through to mid-August, ship-tracking data shows. State-owned Saudi Aramco has been offering more oil from the Egyptian port after Iran-backed Houthis struck a vessel in the Red Sea last week.

There were no tankers observed at the Saudi port of Yanbu in the Red Sea early Tuesday, although vessels might have picked up cargoes with their transponders switched off to avoid detection. The export hub became crucial after the Iran war started, allowing the kingdom to bypass the Strait of Hormuz by piping million of barrels a day to its west coast for export to global customers.