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TotalEnergies CEO reports $20 million cost for VLCC transit through Strait of Hormuz

TotalEnergies CEO Patrick Pouyanné stated that the cost to transport oil via Very Large Crude Carriers (VLCC) through the Strait of Hormuz has reached $20 million. This figure reflects significant risk premiums and insurance costs associated with heightened regional tensions, signaling potential upward pressure on global energy prices.

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gCaptainabout 2 months agoIR, OMengCredibility 72%View source

Score Breakdown

Mosaic Score9.5

Model confidence0.9

Significance0.8

Source credibility0.7

Intelligence Tags

#oil #shipping #energy #logistics #hormuz

Locations

Strait of Hormuz

Entities

IrancountryStrait of Hormuzregion

Source

Part of a situation

developingEnergy57d ago

TotalEnergies Reports $20M Hormuz Transit Cost, Pursues Bypass Options

TotalEnergies CEO Patrick Pouyanné confirmed that VLCC transit through the Strait of Hormuz now costs $20 million due to heightened risk premiums. Despite these costs, TotalEnergies continues to utilize the Strait for Iraqi and Qatari oil flows while simultaneously investing in bypass infrastructure, indicating a dual strategy of maintaining current operations and mitigating future risk. The specific financial terms and timelines for bypass projects remain undisclosed.

↑ escalating·3 signals·IR, IQ, NO +5Score 7.7