Lloyd's List Intelligence's August 5 Hormuz brief recorded a build-up of shadow-fleet tankers off Duqm and Karachi. Ships with a history of lifting Iranian crude are parked where they can move fast if the U.S. blockade eases. [1] A stack is a bet. It is not a cargo.

The same brief said at least ten product tankers sailed Hormuz last week, including four shadow hulls that had shifted into compliant trades. Crude still shuttles: VLCCs load west of the strait and offload by ship-to-ship transfer in the Gulf of Oman. [1] Dark operations mean the true count is higher. Shadow hulls have dominated crossings since March. [2]

The new stranded cohort of 65 is mainstream metal that walked in during the calm. The Duqm-Karachi line is the other fleet, waiting on a political verb. They are not the same ledger.

Readers who treat an AIS cluster off Oman as oil already sold will miss the wait. Until those tankers lift, the stack is inventory in a parking lot.

Lloyd's defines shadow tonnage by deceptive practice or sanctioned oil trades. [1] Parking off Duqm is a logistics choice. It is not a loading window. Compliant product tankers and dark shuttles can both move while the stack waits.

Thursday's stack is still a bet, not a cargo. Parking off Duqm is a logistics choice. It is not a loading window.

-- HENDRIK VAN DER BERG, Brussels