Shippers will not continue sailing through the Strait of Hormuz for weeks until they are sure that the US-Iran agreement is "substantial", the chief executive of Japanese company Mitsui OSK Lines, Jotaro Tamura, told the Financial Times.
The Iran war, which began on February 28 with US-Israeli attacks, has largely halted shipping traffic through the strait, which carries about a fifth of the world's oil and liquefied natural gas supplies, as well as products such as aluminum and urea.
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Mitsui OSK, one of Japan's three largest shipping companies, has a fleet of more than 900 vessels, including bulk carriers, tankers and ferries.
“What needs to be established is not just a simple agreement between the relevant countries, but it needs to be substantive and translated into real conditions in the Strait of Hormuz, so that shipping lines feel safe enough to pass through,” Tamura told the FT before US President Donald Trump announced a deal to end the Iran war.
"Given the experiences of the last few months, I think it's reasonable to assume that this could take at least a few weeks, if not a month," Tamura said.
Mitsui OSK did not immediately respond to a Reuters request for comment.
The agreement between Washington and Tehran, which is in the final stages of being finalized, has not changed Tamura's position, the FT reported.
US President Donald Trump said in a post on Truth Social that ships loaded with oil are starting to exit the strait, "moving along the southern 'highway', which is completely safe, secure and clean."
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