Saudi Arabia is activating its Red Sea “Plan B” to divert crude via the port of Yanbu, allowing tankers – including Chinese very large crude carriers (VLCCs) – to bypass the Strait of Hormuz, though analysts warn the route has limited capacity.
The move comes after Iran effectively closed the strait in response to United States and Israeli military strikes, a conflict now in its third week that has rattled global energy markets.
New Vista, a VLCC owned by China Merchants Energy Shipping, had…