Tanker Operators Delay Hormuz Crossings Pending Formal U.S.-Iran Agreement
The world's largest tanker operator said shipping companies will wait for a finalized deal and safety guarantees before resuming voyages through the Strait of Hormuz. Mitsui OSK Lines CEO Jotaro Tamura told the Financial Times that even willing shipowners face insurance and logistical hurdles.
marketwatch.comThe world's largest tanker operator said it will not resume voyages through the Strait of Hormuz until a U.S.-Iran agreement is formalized and safety assurances are in place. Mitsui OSK Lines chief executive officer Jotaro Tamura told the Financial Times that owners and operators remain cautious despite the weekend announcement of the deal.
Shipping companies plan to wait until the agreement is signed on Friday before attempting crossings.
Tamura said organizing insurance coverage and addressing other practical requirements could further delay any return to the waterway. The Strait of Hormuz is described in the report as the world's critical oil and gas chokepoint. The comments follow an earlier announcement that the first LNG tanker had cleared the strait after the deal was reached.
com reported that tanker traffic had been limited during the preceding period of supply disruption.
