Audio By Carbonatix
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 O.S.K. Lines told the Financial Times in an interview published on Tuesday.
The Iran war that began on February 28 , with U.S.-Israeli strikes, largely stopped shipping through the transit route for around a fifth of the world's oil and liquefied natural gas supply, along with products such as aluminium and urea.
Mitsui O.S.K., one of Japan’s big three shipping firms, has a fleet of more than 900 vessels, including bulk carriers, tankers and ferries.
"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 O.S.K.'s Jotaro Tamura told FT before U.S President Donald Trump announced a deal to end the war in Iran.
"Given the experiences in the last couple of months, I think it’s reasonable to assume that it may take at least a couple of weeks or if not a month," Tamura told the paper.
Mitsui O.S.K. did not immediately respond to a Reuters request for comment.
The agreement between Washington and Tehran, which was being finalised, had not changed Tamura's view, the FT report said.
President Donald Trump said in a Truth Social post that ships loaded with oil are starting to move out of the strait, "going along the Southern 'Highway,' which is totally safe, secure, and pristine".
Latest Stories
-
Water crisis cripples learning at Nalerigu SHS as students abandon night studies to search for water
10 minutes -
IMF Board set to approve Ghana’s final Programme Review, greenlight post-bailout economic plan
21 minutes -
Ghana to deploy condom vending machines nationwide by end of 2026 to boost HIV prevention
33 minutes -
NDPC briefs Speaker Bagbin on proposed consolidated national development plan
38 minutes -
Presbyterian Church launches Disability Policy, urges members to champion inclusion
43 minutes -
GPHA plans sports centre as it marks 40th anniversary
48 minutes -
Galamsey affecting fish production in Bono Region – Fisheries Commission
1 hour -
Dambai College of Education appoints new Principal and Vice Principal
1 hour -
Ho West chiefs and queens commend Volta Regional Minister for inclusive leadership
1 hour -
Gov’t invests over GH¢900m under ‘No Stress Free’ initiative – Education Minister
1 hour -
Government committed to revamping cocoa industry – COCOBOD
1 hour -
Mahama assures transfer of UGMC to University of Ghana
1 hour -
Oti High Court adjourns NPP Krachi East Organiser election dispute to October
2 hours -
Yam theft suspect shot dead, farmer held in Oti Region
2 hours -
Sean ‘Diddy’ Combs Reportedly in Solitary Confinement Following Prison Fight
2 hours