Shipowners hold off on Hormuz transit until US-Iran deal proves ‘material’
Shipowners are delaying transit through the Strait of Hormuz, a critical global shipping lane, until a US-Iran deal is confirmed to be substantial and translates into tangible safety improvements. The CEO of Japan's Mitsui O.S.K. Lines indicated that resuming normal operations could take several weeks to a month, following a period of reduced shipping activity due to conflict. This cautious approach stems from recent experiences and the need for concrete assurances of security in the region. AI
