Smaller ships in big demand as Hormuz blockade continues: Report

Oil traders and refiners are increasingly turning to smaller crude tankers, as the Strait of Hormuz blockade makes large vessels too risky and expensive to deploy, Moneycontrol reported, citing shipping company executives. Charterers are shifting from the very large crude carriers to smaller Aframax and Suezmax ships. These vessels offer lower insurance premiums and reduced risk, the report added.