Exxon Mobil Corporation (XOM.N) plans to ship about 600,000 barrels of fuel from the U.S. Gulf Coast to Australia in mid-March, marking the company’s first shipment on this route.
The move follows major disruption in the Strait of Hormuz after recent U.S. and Israeli strikes on Iran.
Exxon has booked two medium-range tankers, Largo Eagle and Nord Ventura, for the shipments.
The vessels will load fuel in Houston between March 13-16 and March 15-18, carrying mostly gasoline, along with some diesel and jet fuel.
Both tankers are chartered by commodities trader Vitol, which has sublet them to Exxon for the voyage.
Charter costs for a single tanker on this route are estimated at $6 million, or roughly $20 per barrel.
The cargoes will help meet Exxon’s own fuel import needs in Australia, where the company operates three fuel terminals and supplies retailers through its Mobil Oil subsidiary.
Shipping through
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