FIRST TAKE: Ship collision near Strait of Hormuz BULLISH for freight rates, NEUTRAL for oil and gas prices   • Oil tanker incident near the UAE’s Khor Fakkan attributed to collision on ship signal jamming, unrelated to direct attacks • Dirty tanker freight rates surge as owners reluctant to navigate through Strait of Hormuz • Closure of strait highly improbable, though fewer tonnage may raise logistical costs   The VLCC Front Eagle and Aframax tanker Adalynn have collided offshore Khor Fakkan in the UAE. We think this is NEUTRAL for oil and gas prices, as it is not associated with the direct attacks from Iran, but BULLISH for freight rates due to heightened risk premiums, as the collision is partly due to a jump in shipping signal jamming since June 13.   Platts, part of S&P Global Commodity Insights, assessed the benchmark Persian Gulf-China route at w60 on June 16, marking a sharp w12 point gain, or a 25% increase from June 13. Shipowners are keeping their options open and reviewing the situation on a day-to-day basis. Asian crude oil buyers have started to seek dirty tankers available for early-July loading cycle this week. Tightened shipping tonnages will increase logistical costs and press refining margins.   The likelihood of a closure of the Strait of Hormuz is low, with outbound crude flows averaging 14.7 million b/d and outbound refined products and chemicals exports, excluding LPG and other gas commodities, averaging 4.1 million b/d during the first five months of this year, according to S&P Global Commodities at Sea data.   Asian LNG markets have been supported by the Israel-Iran conflict and Platts assessed the August JKM at $13.901/MMBtu on June 16, its highest since February. Gas markets are monitoring the conflict as Asia has the highest exposure to LNG exports from the Middle East, accounting for 87%-88% of LNG exports from the region. Asian importers and shipowners have said they have backup plans in case the Hormuz chokepoint is affected.   Zhuwei Wang, Eric Yep   Read on Platts Connect: https://tinyurl.com/mr4hxtsp