New Delhi, March 27 (NationPress) The initiative by Iran to create a secure passage in the Strait of Hormuz has faced hesitation from China, particularly as both nations, along with other prominent Asian economies, grapple with significant challenges resulting from shipping disruptions, according to a recent report.

The report, published by the Turkey-based Anadolu Agency, indicated that Chinese vessels largely refrained from utilizing the safe corridor established by Tehran for a span of 10 days.

On March 13, Tehran revealed its plans to oversee maritime movements within a corridor situated between the Larak and Kish islands in Iranian territorial waters.

Chinese shipowners reported that during inspections by IRGC officials in the corridor, they were requested to pay tolls or transport cargo on Iran's behalf.

A Chinese ship finally navigated through the corridor between Larak and Kish islands on March 23, after a prolonged waiting period of 10 days.

The report noted that on March 16, a very large crude carrier from the fleet of Chinese shipper Cosco chose to bypass the Persian Gulf, opting instead for the Bab el-Mandeb Strait, located 1,000 kilometers away, before docking in Yanbu, Saudi Arabia.

Despite claims of preferential treatment for Chinese vessels due to a special oil trade relationship with Iran utilizing the Chinese Yuan, international shipping records reportedly contradict this narrative.

The special relationship allows China to purchase Iranian oil at lower-than-market prices through unique arrangements known as petroyuan agreements. In these deals, China exchanges goods with Iran based on the oil's value in Chinese yuan. Although Tehran occasionally voices concerns over the drawbacks of this trading method, it remains a critical support system for Iran under sanctions.

Experts predict that an energy supply shock could reverberate through the global energy market, with no immediate resolution in sight.

Disruptions in shipping traffic have led to serious problems for major Asian economies, with China and India relying on the Gulf for approximately half of their oil and natural gas imports.

China sources 45% of its oil from Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait, while also importing LNG from the UAE and Qatar, which contributes to 30% of its total imports.

The report concluded that due to the effective closure of the Strait of Hormuz, China and other leading Asian economies are facing considerable risks due to their heavy dependence on energy imports from the Persian Gulf region.