Tokyo, Japan. Shipowners are unlikely to resume transit through the Strait of Hormuz for weeks until they are confident any US-Iran agreement is materially reflected in conditions there, Mitsui O.S.K. Lines chief executive Jotaro Tamura said in an interview published on Tuesday.
The comments came as the waterway, a route for about a fifth of global oil and liquefied natural gas supply, remained disrupted following a war that began on 28 February with US-Israeli strikes.
Shipping outlook
Tamura told the Financial Times that a simple agreement between the relevant countries would not be enough to restore confidence among shipping lines.
He said any deal would need to be material and translated into real conditions in the Strait of Hormuz before shipping companies would feel comfortable resuming passage.
Expected delay
Tamura said that, based on the experiences of recent months, it was reasonable to assume it could take at least a couple of weeks, if not a month, before shipowners resumed transit.
The Financial Times reported that an agreement being finalised between Washington and Tehran had not changed his view. Mitsui O.S.K. did not immediately respond to a Reuters request for comment.
Strategic route
The war largely halted shipping through the strait, which is also used for transporting products including aluminium and urea.
Mitsui O.S.K., one of Japan’s three largest shipping companies, operates a fleet of more than 900 vessels, including bulk carriers, tankers and ferries.
Trump statement
Trump said in a post on Truth Social that ships loaded with oil were already moving out of the strait, “going along the Southern ‘Highway,’ which is totally safe, secure, and pristine.”