Shipowners will not resume transit through the Strait of Hormuz for weeks until they are confident that the U.S.-Iran deal is "material", the chief executive of Japan's Mitsui OSK Lines told the Financial Times in an interview published on Tuesday. "What will have to come in place is not just a simple agreement between the relevant countries, but it has to be material and translated into the real situations in the Strait of Hormuz, so that shipping lines can make themselves comfortable to go through," Mitsui OSK's Jotaro Tamura said.
Strait of Hormuz transit will take 'weeks' to resume, largest tanker operator tells FT
Shipping companies will delay passage through the Strait of Hormuz for several weeks. This delay will continue until a U.S.-Iran agreement is deemed substantial. Shipowners need assurance that the deal translates into tangible safety improvements in the Strait. This will allow shipping lines to proceed with confidence through the vital waterway.
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