Shipping firms' caution on Hormuz transit
Jotaro Tamura, CEO of Japan's Mitsui O.S.K. Lines, confirmed that shipowners will not pass through the Strait of Hormuz for weeks until they are confident that the agreement between the United States and Iran is "tangible." Since the outbreak of war on February 28, shipping through the corridor has been almost completely halted, leading to disruptions in oil, LNG, and other product supplies. He estimated that it would take at least two weeks, possibly a month, before shipowners feel reassured to resume navigation.
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