They do not intend to repeat directly the crossings from the Straits of Hormuz the shipowners, until they are satisfied that the US agreement with Iran and what is provided for therein has a substantial and practical impact on the security of the region, the chief of the world's largest tanker operator warned.
Jotaro Tamura, CEO of Mitsui OSK Lines (MOL), told the Financial Times that many shipping companies will wait before re-establishing their routes through the Straits, despite the US-Iran agreement providing for the reopening of the maritime route strategy without any transit charge for at least 60 days.
U.S. President Donald Trump has insisted that there is now a "safe, protected and absolutely clean" route through the Straits, which remain almost completely closed since late February. The deal announced Sunday led to a fall in Brent oil price, however Tamura estimated that shipping would not return directly to normality.
"What needs to be there is not just an agreement between the countries involved. It must be proved in practice and translated into real conditions in the Straits of Ormuz, so that shipping companies feel safe enough to cross them," he said.
He noted that since the beginning of the conflict in the Middle East, in late February, there have been many failed attempts to reopen the channel. "On the basis of the experience of the last two months, I consider it reasonable to assume that it will take at least a few weeks or even a month," he added.
Tamura made his statements before Trump announced the deal, which is expected to be formally signed on Friday. However, MOL clarified on Monday that the finalisation of the agreement does not alter its assessment.
Before the war, more than a fifth of global oil and liquefied natural gas transports passed through the Straits of Hormuz. The maritime route is also crucial for the transport of cereals and consumer goods to the Gulf countries.
It manages over 900 shipsMOL manages more than 900 ships, of which over 200 carry crude oil, petroleum products and chemicals, which makes it the world's largest tanker operator based on the number of ships.
Other shipping companies and shipowners have also pointed out that the International Maritime Organisation (IMO), the UN Special Maritime Organisation, should coordinate the transit of about 500 ships waiting to leave the Persian Gulf through the Straits.
IMO secretary-general, Arsenio Domingues, said the organisation "estimates the possibility of safe conduct of transport and navigation, avoiding potential risks such as mines and congestion that could cause accidents.".
At the same time, he added that the organization continues to work to create a safe removal corridor for seamen remaining trapped in the Gulf for more than 100 days.
‘Encouraging developments’Hapag-Lloyd, one of the largest container transport companies in the world, described developments as "encouraging" and expressed hope that her ships that are immobilized in the region will be able to sail "this weekend".
Philip Belcher, director of maritime affairs of the Intertanko tanker association, warned that "particularly careful approach" is required and that each ship must proceed with a separate risk assessment before sailing.
Before the war with Iran, about 135 ships passed through the Straits daily. This number has now been dramatically reduced, while some ships have attempted in recent weeks to leave the area secretly, moving night hours and with GPS systems disabled.
Despite continuing mutual attacks, some shipowners, such as the Greek tanker company Dynacom, continued to operate throughout the U.S.-Iran conflict, while others appear optimistic about a rapid return to normality.
Tamura's statements underline, however, that a significant part of the maritime industry will maintain a more cautious attitude even after the truce has been extended.
The head of MOL, who took office in April, also stated that he opposes Iran's efforts to impose transit charges in the Straits, arguing that this would violate international regulations guaranteeing freedom of navigation.
The Japanese company managed to remove four ships from the Gulf before the deal to reopen the Straits, without paying fees to Iran. However, it still has at least seven ships awaiting a transit permit.
Japan's Prime Minister, Sanae Takaichi, has stated that successful crossings are due to the efforts of Japanese diplomacy. Tamura, however, implied that the intervention of other countries, such as Oman and India, associated with the ships through their flag, customers or final destination of the cargoes played a decisive role.
"In some cases where the crossings were carried out successfully, especially in these circumstances, the competent authorities and governments had taken initiatives, so we were fortunate to have positive developments," he said.
MOL shares have been boosted by about 20% on the Tokyo Stock Exchange since the beginning of the year, estimating the company at around 2.1 trillion ($13 billion), while the Elliott Management investment fund is pushing for changes aimed at improving returns to shareholders.