Trendwatch: Oil tankers use new route through Strait of Hormuz despite Iranian threats; Port of Long Beach volumes surge 32% in May; Truck tonnage sees May decline, reports ATA

Oil tankers use new route through Strait of Hormuz despite Iranian threats 

Several tankers made their way out of the Strait of Hormuz on Thursday using a new route promoted by a U.N. maritime agency. Iran has threatened vessels using the path, which runs along the coast of Oman. 

The opening of an alternative passage through the vital waterway would relieve pressure on the world economy and remove Iran’s main source of leverage in ongoing peace talks with the United States. U.S. Secretary of State Marco Rubio, on a visit to the Gulf to reassure American allies, said Washington was committed to the new route. 

Traffic through the strait has increased but is still well below prewar levels. Oil on Thursday briefly dipped below its last prewar price of just under $73 per barrel, a sign that the market believes the situation is improving. 

Port of Long Beach volumes surge 32% in May 

In May, the Port of Long Beach moved 842,000 TEUs, nearly 32% higher compared with last year, making it “our third busiest May on record,” according to Noel Hacegaba, CEO, Port of Long Beach. 

Hacegaba was speaking at the Port’s media briefing on June 23rd where he provided the following cargo volume breakdown: 

• Imports rose 40% to nearly 419,000 TEUs. 

• Exports increased nearly 33% to more than 109,000 TEUs. 

• Empty containers were up 22% to 314,000 TEUs. 

Ocean shipping recovery still a ways off despite US-Iran ceasefire pact 

The U.S. and Iran reached an agreement to reopen the Strait of Hormuz, but ocean supply chain networks are not expected to recover until mid-September 2026, according to a June 19 Xeneta report.  

Beyond its regionalized impact, the Iran war’s broader effect on the ocean shipping market has led to oil volatility and upward pressure on fuel prices and ocean spot rates. In turn, the rising cost of fuel has prompted some ocean carriers to implement surcharges. 

Truck tonnage sees May decline, reports ATA 

Truck tonnage dipped in May, according to data issued today by the American Trucking Associations (ATA). 

ATA reported that its May Seasonally Adjusted (SA) For-Hire Truck Tonnage Index reading, at 114.4 (2015=100), saw a 0.6% annual increase, following a 2.5% annual increase in April. On a sequential basis, it fell 2%, following a 0.9% sequential decrease in April. Through the first five months of 2026, the index posted a 2% annual increase, whereas it was flat annually in 2025. 

Steel, aluminum makers face records gauntlet for new US tariff exemptions

Steel and aluminum producers seeking to qualify for reduced Section 232 tariffs must navigate an intensive record-keeping process to demonstrate ongoing compliance, trade lawyers said.

Last month, the Commerce Department introduced a process for Canada and Mexico steel and aluminum makers that feed the U.S. auto and truck industry’s supply chain to cut the current 50% tariff in half. Qualifying for the 25% rate requires producers to commit to building or expanding their primary metal production in the U.S.

Member states approve conclusions on EU ports strategy

The strategy seeks to address the key challenges facing European ports - both maritime and inland - in the areas of competitiveness, sustainability, resilience, security, digitalisation and social development. It builds on the foundations of the 2013 EU ports policy while responding to a rapidly changing geopolitical, economic and environmental landscape.

In their conclusions, member states underline the importance of ensuring the efficient and proportionate implementation of the strategy. They invite the European Commission to assess the effectiveness of existing EU-level coordination and governance structures and, where necessary, establish new mechanisms to support implementation.