Shipping expert says Strait of Hormuz remains closed despite U.S. statements

Lars Jensen, CEO of Vespucci Maritime, said the Strait of Hormuz remains de facto closed despite U.S. assertions to the contrary. Jensen stated that freight rates and insurance premiums have surged following the latest comments on the waterway.

Proposed toll Jensen said the economics and legalities of a proposed toll on the Strait made a reversal on the measure inevitable. He added that companies cannot make business decisions based on the statements. Jensen said the combination of higher costs and legal uncertainty continues to limit transits through the passage.