Mitsui OSK expects Hormuz shipping restart to take weeks
Why it matters: The strait handles about a fifth of global oil and LNG supply, and insurers and governments must sign off before traffic resumes.
Mitsui OSK Lines expects commercial transit through the Strait of Hormuz to stay disrupted for weeks even as Washington and Tehran move toward ending the war that choked off shipping in the waterway. Chief executive Jotaro Tamura told the Financial Times that operators would wait until any US-Iran agreement proves durable in actual conditions at sea before sending vessels back through the route. The Japanese shipowner later said operations would not resume until safety is sufficiently confirmed and that any restart would require coordination with governments, insurers and other stakeholders. The strait carries roughly one-fifth of the world’s oil and liquefied natural gas supply, along with cargoes such as aluminum and urea.