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Hormuz risk pays off for shippers as profits soar
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Semafor
Only a fraction of the ships that used to cross the Strait of Hormuz before the war are making it through.
The danger is real — at least two of its vessels were attacked in July, killing one person and injuring several others.
Higher charter rates and an expanded fleet drove the Abu Dhabi company’s earnings.
ADNOC L&S is committing $2.3 billion this year to buy more oil and gas tankers.
It has also raised its profit forecast for a third time this year.