TAIPEI (Taiwan News) — A supertanker carrying enough crude oil to supply Taiwan for two weeks is set to arrive Wednesday, easing recent supply strains.

Formosa Plastics Marine Corp.’s crude tanker, the FPMC C Lord (君善輪), is carrying 2 million barrels of crude oil and successfully transited the Strait of Hormuz in mid-April. The vessel is expected to arrive at Yunlin County’s Mailiao Port, providing timely feedstock replenishment, per CNA.

Shipping through the Strait of Hormuz briefly increased in mid-April after fighting between the US and Iran eased. The Liberia-flagged tanker was among the limited number of ships to pass through, carrying Saudi crude.

Formosa Petrochemical President Lin Ko-yen (林克彥) told CNA the shipment would help ease tight raw material supplies. He added that the company has expanded sourcing beyond the Persian Gulf to include the Red Sea, the Gulf of Oman, West Africa, and the Mediterranean.

Lin said contingency measures were quickly implemented after the war began, including rerouting shipments and securing alternative supplies. Delays in cargo arrivals from late March to April pushed refinery utilization down to 43% that month.

With diversified sourcing taking effect, Lin said utilization is expected to rebound starting in May. Internal plans project rates exceeding 60% in May and rising to 80% in June, CNA reported.

Lin said limited feedstock and high naphtha prices forced the shutdown of a third olefin plant on March 24, leaving only one ethylene unit in operation. Utilization stood at about 33% in April and is forecast to edge up to around 35% in May and June.

He added that while emergency sourcing has secured some supply, the market is still relying on inventories, including strategic reserves and floating storage. If the war persists, a prolonged global supply imbalance could lead to renewed shortages.