The CEO of the world's largest tanker operator by number of vessels has made an important statement. According to him, shipowners will not immediately return to routes through the Strait of Hormuz. This process will take several weeks even after an agreement is reached between the US and Iran.
Mitsui OSK Lines head Jotaro Tamura specifically emphasized this point. He noted that the announced agreement must be real and backed by facts. Only in that case will shipping companies once again feel completely safe. Accordingly, restoring the previous traffic could take anywhere from a couple of weeks to a full month.
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A return to the route through the Strait of Hormuz is possible only with a real agreement — MOL head
Before the conflict began, more than a fifth of global volumes of oil and liquefied natural gas were transported through the strait during February. Since then, daily traffic has fallen sharply.
Tamura pointed to a series of disruptions since the start of the war. Over the previous months, operators have learned caution and are in no hurry to set out.
"Given the experience of the previous couple of months, I think it is reasonable to assume that the return of vessels will take at least several weeks, if not a month," he said in an interview with the Financial Times.
The company's head emphasized that a signed agreement between the parties is not enough. According to him, the real terms and their implementation in practice in the Strait of Hormuz are what matter. Only when these conditions are met will shipowners dare to return to the route.
MOL has more than 900 vessels. Before the deal was closed, the company withdrew four vessels from the Persian Gulf without paying fees to Iran. At least seven MOL vessels are still awaiting resolution of the situation on the passage.
Source: BeInCrypto
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