Japanese shippers expressed cautious optimism on Monday regarding the U.S.-Iran peace agreement, which is expected to reopen the Strait of Hormuz. However, they are awaiting further details and the clearance of mines before allowing their vessels to navigate this critical maritime chokepoint. Currently, 38 Japanese-linked ships remain stranded in the strait, a vital route for about 20% of the world’s oil and liquefied natural gas.
The ongoing U.S.-Israeli conflict with Iran, which began on February 28, has significantly disrupted shipping in the area. Following the announcement of the peace deal, global oil prices dropped by 4%, indicating market reactions to the potential resumption of traffic through the strait.
A spokesperson for the Japanese Shipowners’ Association emphasized the need for more concrete information before proceeding, with expectations for updates by June 19, when the U.S.-Iran pact is set to be signed in Switzerland. Concerns about mines in the region were also raised, highlighting the complexities of resuming operations.
Nippon Yusen, Japan’s largest shipping company, expressed hope for a return to normalcy but noted it was premature to discuss the schedules for its vessels currently in the Gulf.
Share it now
