Shipping giants delay return to Strait of Hormuz amid uncertain US-Iran deal
Mitsui O.S.K. Lines CEO says shipowners will wait weeks for tangible signs of stability before resuming crossings through the vital energy route.
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Jotaro Tamura, the CEO of the Japanese company Mitsui O.S.K. Lines, told the Financial Times in an interview published on Tuesday that shipowners will not resume crossing the Strait of Hormuz for several weeks until they are convinced that the agreement between the United States and Iran is tangible.
The war, which broke out on February 28 after US and Israeli strikes on Iran, led to an almost complete halt in shipping through this route, through which about one fifth of the world’s oil and liquefied natural gas supplies pass, along with products such as aluminum and urea.
Mitsui O.S.K. Lines, one of the three largest shipping companies in Japan, owns a fleet of more than 900 vessels, including bulk carriers, tankers, and ferries.
Tamura added in his statement to the Financial Times: “What needs to be achieved is not just a simple agreement between the two countries concerned, but it must be tangible and translate into real conditions in the Strait of Hormuz, so that shipping companies feel confident to pass through it.”
He continued: “Given the experiences we have gone through over the past two months, I think it is reasonable to assume that it may take at least two weeks, if not a month.”