The Future of the Strait of Hormuz Reopening Remains Uncertain, World's Largest Oil Tanker Operator States No Hasty Return in the Short Term

BlockBeats News, June 16th: Despite the preliminary agreement between the US and Iran to reopen the Strait of Hormuz, the world's largest oil tanker operator, Japan's Mitsui O.S.K. Lines (MOL), stated that the shipping industry will not swiftly resume normal passage until it is confirmed that the agreement can translate into a "safe, secure, and unobstructed" actual navigational environment.

MOL's CEO, Junichiro Ikeda, mentioned that expectations for the reopening of the Strait of Hormuz have been dashed multiple times over the past few months. Therefore, the industry remains cautious about the current agreement, with a projected timeline of several weeks to a month before normal operations can resume. As of now, the company still has at least 7 ships waiting to pass through the strait.

The Strait of Hormuz used to handle over 20% of global oil and liquefied natural gas shipments before the conflict. The International Maritime Organization (IMO) is assessing safety evacuation plans for approximately 500 stranded vessels and is working towards establishing a repatriation channel for sailors who have been stranded for over 100 days.

German shipping company Hapag-Lloyd described the agreement as "encouraging," expecting that the stranded vessels could leave the area by this weekend. However, the International Chamber of Shipping emphasized that a resumption of navigation would still require individual risk assessments for each vessel.

Data shows that before the conflict, about 135 vessels passed through the Strait of Hormuz daily. The current traffic volume has significantly decreased, with some shipowners maintaining operations while others are waiting for further stabilization of the situation before resuming regular trade activities.