The Agreement between United States and Iran on the reopening of Ormuz Strait caused relief in the markets and a significant fall in oil prices. However, the return to normality for international shipping and global energy trade is not only taken for granted.
According to Kpler maritime data company estimates, ship traffic through the Straits of Hormuz could recover to about 50% of pre-war levels within the first month of the implementation of the agreement, provided there are no significant interferences.
Washington and Tehran are expected to formally sign the agreement Friday in Switzerland. The agreement provides for the reopening of the Straits of Hormuz and the lifting of the American naval blockade against Iran.
The first ships to move
Kpler analysts estimate that daily ship traffic could gradually increase to 40 ships daily, against about 100 crossings before the war began on 28 February.
Prior to the crisis, about 20% of global oil flows passed through the Straits of Hormuz. The situation changed dramatically when Iran began targeting tankers in early March, leading much of commercial shipping outside the region.
The first ships expected to pass will be the fully loaded tankers trapped in the Persian Gulf in recent months.
According to Kpler, about 118 tankers are currently in the area and could exit within the first 15 days of the implementation of the agreement.
Read more details on Newmoney. gr