
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
-
Pharmaceutical Society backs 24-Hour Economy, seeks security and tax relief for pharmacies
1 minute -
Ukraine warns of interceptor missile shortage as 18 killed in Kyiv region
7 minutes -
Barker-Vormawor asks court to compel Attorney-General to disclose whereabouts of “Abu Trica”
12 minutes -
Political communication in Ghana: Are we informing citizens or winning arguments?
12 minutes -
Accra court remands man over alleged GH¢114,000 fraud in travel visa scheme
13 minutes -
Police investigate death of young woman found hanging in Anyinamso bush
21 minutes -
Africa’s future would have to be shaped by African solutions – World Food Prize Foundation President
26 minutes -
Showbiz and sports personalities urged to protect their intellectual property
30 minutes -
Bosomtwe DCE moves to declare district security zone over illegal mining destruction
36 minutes -
Gov’t to expand medical education to improve doctor-to-patient ratio – Education Minister
59 minutes -
Africa Energy Technology Centre presents Africa’s energy future strategy to Mahama
1 hour -
WAFCON 2026: Black Queens name provisional squad for tournament
1 hour -
GTA to launch “Blue Ghana Initiative” beach clean-up campaign after Accra floods
1 hour -
UBIDS graduates 70 Law students as Bagbin pledges major health and education interventions
2 hours -
A Lifetime of excellence: Dr Williams Kwasi Peprah attains the rank of full Professor at Andrews University
2 hours