The Future of the Strait of Hormuz Reopening Remains Uncertain, World's Largest Oil Tanker Operator States No Hasty Return in the Short Term

June 16 – Even as the U.S. and Iran reached a preliminary deal to reopen the Strait of Hormuz, the world’s top oil tanker operator, Japan’s Mitsui O.S.K. Lines (MOL), says the shipping sector won’t quickly return to normal transits until there’s proof the agreement delivers a “safe, secure, unobstructed” navigation zone. MOL CEO Junichiro Ikeda noted that hopes for the Strait’s reopening have been repeatedly quashed over recent months, leaving the industry wary of this latest pact. A full return to normal operations isn’t expected for several weeks to a month, he added. Right now, the company has at least seven vessels stuck waiting to transit the strait. Before tensions flared, the Strait of Hormuz carried more than 20% of the world’s oil and liquefied natural gas shipments. The International Maritime Organization (IMO) is reviewing evacuation safety plans for roughly 500 stranded vessels and is pushing to set up a repatriation route for sailors stuck overseas for over 100 days. German shipping firm Hapag-Lloyd called the deal “encouraging,” predicting stranded ships could clear the area by the end of this weekend. But the International Chamber of Shipping stressed that a full resumption of navigation will still require individual risk checks for every vessel. Data shows around 135 vessels transited the Strait of Hormuz each day before tensions spiked. Current traffic is way down, with some shipowners keeping operations running, while others are holding off on regular trade until the situation stabilizes further.