SINGAPORE/OSLO: Shippers said on Wednesday they needed more clarity on the terms of the US-Iran ceasefire before resuming
transit through the Strait of Hormuz, as Iran issued fresh warnings about any vessels attempting to sail through the waterway. The six-week conflict had brought traffic through the strait - a chokepoint for about 20 percent of global oil and liquefied natural gas (LNG) shipments - close to a standstill, pushing global energy prices sharply higher.
Iran said it would offer safe passage in coordination with its armed forces, though its coastguards warned on Wednesday that any ship attempting to sail without permissions would be “targeted and destroyed”.
Major shipping companies remain cautious
The first vessel had transited the Strait with Iran’s permission following the ceasefire, its state TV said on Wednesday.
The ship’s identity was not immediately clear, but MarineTraffic data showed two Greek-owned and one Chinese-owned bulk carriers passing through since early Wednesday.
Iran has previously agreed safe-passage arrangements with several countries, including India and Iraq.
Major shipping companies remained cautious. Denmark’s Maersk said the ceasefire may create transit opportunities for vessels but did not yet provide full maritime certainty.
German container carrier Hapag-Lloyd said it needed to see that the ceasefire holds before starting to take orders for selected markets.
Interest picks up among asian refiners
Restoring flows to normal could take at least six to eight weeks, its CEO Rolf Habben Jansen told a call with customers.
Lars Barstad, CEO of oil tanker group Frontline, said the firm was still assessing what the ceasefire meant for shipping.
“I want to see the fine print,” he told Reuters.
Bimco Chief Safety and Security Officer Jakob Larsen warned that vessels leaving the Gulf without prior coordination with US and Iranian authorities would face heightened risk.
Some 187 laden tankers carrying 172 million barrels of crude oil and refined products were inside the Gulf as of Tuesday, according to ship tracker Kpler.
Shipping sources said interest in loading Gulf cargoes had picked up among Asian refiners, as well as trader Glencore and French oil major TotalEnergies, both of which declined to comment.
Asian economies are the main buyers of oil shipped through the strait and have been hit especially hard by the disruption.
“We expect tankers and oil flowing to Iranian-friendly countries to be the first ones to transit,” said Anoop Singh, global head of shipping research at Oil Brokerage, adding more than 50 VLCCs and about 15 Suezmaxes could soon exit the Gulf. Britain said on Wednesday it would work with the shipping, insurance and energy sectors to try to restore confidence in use of the Strait of Hormuz.
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