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
-
Mahama expected in Abidjan for high-level cocoa summit with Côte d’Ivoire
1 minute -
Today’s Front pages: Tuesday, June 16, 2026
21 minutes -
Africa has right policies for Agri-Food Systems transformation but lacks capacity to implement them
30 minutes -
Fuel prices fall as some OMCs cuts petrol to GH¢13.87 per litre
37 minutes -
Japan raises interest rate to highest since 1995
46 minutes -
€106m water project moves closer as GWCL begins stakeholder consultations in Savannah Region
1 hour -
India blocks Telegram messaging app until June 22, government says
2 hours -
Cocoa farmers spared another blow as gov’t rejects price cut despite global slump – COCOBOD
2 hours -
While Côte d’Ivoire cuts cocoa prices, Ghana holds the line to protect farmers – COCOBOD
2 hours -
‘We had to save the sector’ – COCOBOD defends unprecedented cocoa price intervention
3 hours -
Sophia Akuffo didn’t resign over Torkornoo’s removal – Kwakye Ofosu
3 hours -
Government ends diesel fuel relief ahead of June pricing window
3 hours -
Bossman Asare resigned voluntarily, government didn’t pressure him – Kwakye Ofosu
3 hours -
Military deployed to Bawku SHS after student rampage over exam malpractice crackdown
3 hours -
Roads Ministry must disclose full details of road contracts – MFWA
3 hours