Shipowners Avoid Strait of Hormuz Until US-Iran Deal Is ‘Real’
Part of composite article US-Iran Deal Signed, But Oil Tankers Won’t Move Until They See Proof — and Netanyahu Says No to Pullout View full article →
Shipowners will not send vessels through the Strait of Hormuz for weeks, waiting for proof that the US-Iran deal is “material,” the CEO of Japan’s Mitsui O.S.K. Lines told the Financial Times on Tuesday.
The Iran war, which began on February 28 with US-Israeli strikes, largely halted shipping through the strait. The route carries about one-fifth of the world’s oil and liquefied natural gas, as well as products like aluminum and urea.
Mitsui O.S.K., one of the largest shipping companies globally, is holding off on transit until the agreement shows concrete results.