Skip to content
You can now search across every topic, entity and event.What's new
European Tech Sovereignty
7MAY

One ship or five? Hormuz counts split

2 min read
10:13UTC

S&P Global logged a single vessel through Hormuz on 16 August and called it a record low. Kpler counted five the same day, and only one of the two has published what it counts.

TechnologyDeveloping
Key takeaway

Two providers gave the same day counts of one and five; only Kpler discloses its universe.

S&P Global Commodity Insights counted one vessel crossing the Strait of Hormuz on 16 August, described the figure as a record low, and put the previous day at eight 1. Our own record already carried a different number for that date. Kpler, which tracks commodity vessels, meaning tankers and bulk carriers rather than all shipping, counted five crossings in the same water on the same day .

Kpler's later readings continue the series. It put 18 August at six crossings, against nine on 17 August and a ten-day daily average of eleven 2. That is 45 per cent below its own average, an arithmetic step we have taken on Kpler's two published figures rather than a percentage Kpler states.

One and five are not the same count of the same strait on the same day. The S&P Global page would not open on four separate fetch routes, so the vessel universe behind its figure cannot be laid against Kpler's. Of the names attached to Hormuz numbers this week, only Kpler has published what it counts. Windward is not a third tally at all: it measures how many ships have stopped transmitting, which is the mechanism rather than the count.

The divergence has a precedent two months old. US Central Command (CENTCOM, the American military command covering the Middle East) counted 55 merchant ships through the strait on 22 June against Kpler's 12, a 43-ship gap our energy desk traced to vessels hugging the Omani shoreline with their transponders switched off . June's version sat between a navy and a commercial tracker, an easy difference to explain away. This week's sits between two commercial providers selling to the same customers.

A war-risk underwriter prices a Hormuz voyage against the number of movements that actually occur. Hand that underwriter two incompatible denominators and the premium drifts towards the worst plausible reading rather than the measured one. The charterer pays that difference, and pays it whether the true figure is one ship or five.

Deep Analysis

In plain English

Companies that track ships crossing the Strait of Hormuz publish daily counts so traders and insurers can judge how risky the route is. On 16 August, S&P Global Commodity Insights said only one ship crossed, calling it a record low. But another firm's count for the same day gave a different number, and neither company explains exactly how it counts ships or which vessels it includes. That disagreement matters because these counts get used to set the cost of shipping and insuring cargo through the strait. If the real number is unclear, nobody outside the tracking firms can be certain how dangerous the route currently is.

Deep Analysis
Root Causes

Commodity data providers compete commercially on the accuracy of their vessel counts, which gives each an incentive to keep its underlying methodology proprietary rather than publish it for cross-checking. That commercial secrecy is what makes today's divergence between S&P Global's figure and the existing commodity-vessel count for 16 August unresolvable from public information.

Vessels that go AIS-dark, turning off their tracking transponders, are invisible to any counting method built on that signal , so every tracker's number understates true crossings by an amount neither firm can quantify.

What could happen next?
  • Risk

    Traders and insurers who rely on a single provider's Hormuz transit count risk misjudging how open the strait actually is, since S&P Global's figure and the existing commodity-vessel count for 16 August do not agree.

First Reported In

Update #172 · The strait nobody can count, insure or pay

S&P Global Commodity Insights· 19 Aug 2026
Read original
Causes and effects
This Event
One ship or five? Hormuz counts split
Underwriters, charterers and governments are all pricing a chokepoint whose traffic nobody can independently verify.
Different Perspectives
Germany (Bundeskartellamt)
Germany (Bundeskartellamt)
Germany's Bundeskartellamt declined to open antitrust proceedings against SAP, the company disclosed on 30 July, in the same fortnight the Commission's EUR 890m DMA fine against Google approached its 21 September compliance deadline. A German software champion cleared domestic scrutiny while an American platform faces enforcement, in the same regulatory season.
United States (USTR)
United States (USTR)
Washington's Section 301 investigation into EU digital enforcement, opened 24 July, had produced no Federal Register docket as of 4 August, even as Dell and 1,008 Nvidia GB200 NVL4 accelerators sit inside the EU's own sovereignty-branded MeluXina-AI build. The absent docket and the American hardware inside a European sovereignty project pull the same relationship in opposite directions.
UK government
UK government
The UK's Sovereign AI vehicle took a nine-figure equity stake in chip startup OLIX on 30 July, its fifth deal since April, while the Cabinet Office's 27 July fact sheet named no accounting officer for the GBP 1.1bn AI Hardware Plan. Whitehall is buying equity rather than capacity, inside a department mid-rename to Business, Innovation, Science and Trade.
Luxembourg government
Luxembourg government
Luxembourg is covering half of the newly disclosed EUR 80m contract value for MeluXina-AI, EuroHPC's Grand Duchy build, with Dell Technologies confirmed as supplying 1,008 Nvidia GB200 NVL4 accelerators, a hardware detail absent from the earlier project description. The disclosure means Luxembourg's national co-funding buys a facility built on American silicon under a European ownership badge.
European Commission
European Commission
The Commission activated its Article 101 fining power on 2 August while the Article 70 register it must keep current still showed a 26 September 2025 footer and blank rows for Denmark, Finland and Hungary. It issued no comment, though Article 70 puts the publication duty on Brussels, not member states.
China's Ministry of Commerce
China's Ministry of Commerce
Spokesperson He Yadong said on 16 July that Beijing and the Netherlands should let firms settle the Nexperia dispute through consultation, after a Dutch ministerial visit to Beijing. The conciliatory tone contrasts with the confrontational US trade response to the same fortnight's DMA enforcement.