Uncertainty Remains Over Reopening of the Strait of Hormuz, Largest Oil Tanker Operator Says Normal

On June 16, despite the United States and Iran reaching a preliminary agreement to reopen the Strait of Hormuz, the world's largest tanker operator, Mitsui O.S.K. Lines (MOL), stated that shipping companies will not quickly resume normal passage until it is confirmed that the agreement can translate into a 'safe, reliable, and unobstructed' navigation environment. MOL's CEO, Jotaro Tamura, noted that expectations for the reopening of the Strait of Hormuz have repeatedly fallen short in recent months, leading the industry to remain cautious about the current agreement. He anticipates that normal operations may take several weeks or even a month to resume. Currently, the company has at least seven vessels waiting to pass through the strait. Before the conflict, the Strait of Hormuz accounted for over 20% of global oil and liquefied natural gas transportation. The International Maritime Organization (IMO) is evaluating safety evacuation plans for approximately 500 stranded vessels and is promoting the establishment of evacuation routes for seafarers who have been stranded for over 100 days. German shipping company Hapag-Lloyd described the agreement as 'encouraging' and expects stranded vessels to leave the area by this weekend. However, the International Association of Independent Tanker Owners emphasized that resuming navigation still requires independent risk assessments for each vessel. Data shows that before the conflict erupted, about 135 vessels passed through the Strait of Hormuz daily, but the current traffic volume has significantly decreased. Some shipowners continue operations, while others are waiting to resume normal trade activities until the situation stabilizes further.