Major international shipping companies are demanding guaranteed security before resuming operations through the Strait of Hormuz, according to top industry executives speaking at a maritime conference in Singapore on Wednesday.
Jotaro Tamura, who leads Japan’s Mitsui O.S.K. Lines, one of the world’s largest shipping firms and biggest operator of oil and gas tankers, expressed disappointment about recent developments in the region.
“Two weeks ago when the ceasefire, said to be temporary, came into picture, we thought there was hope. But in reality, the agreement was not translated into the safety and passage (of the vessels),” Tamura told reporters during the Singapore Maritime Week conference.
Even if the waterway becomes accessible again, Tamura emphasized that security concerns would persist. Iran’s Islamic Revolutionary Guard Corps has issued warnings about mines in the area surrounding the strait.
“It’s a question of the definition of open. Is it really open, or is it half open? Is it open, but there is risk?” Tamura explained. “At some point in time, it (voyages) will resume, and normalisation comes into picture. But it’s hard to foresee how reality would be.”
Regarding potential toll payments to Iran, Tamura stated that his company’s stance follows international maritime law, which guarantees free passage through the strait.
Alexander Saverys, head of Belgium’s CMB.Tech, which operates more than 250 vessels across various maritime sectors, echoed similar concerns about the uncertain situation.
“We cannot hedge. We just need to wait for what is going to happen in the Middle East,” Saverys said at the same Singapore conference. “It is creating a lot of uncertainty.”
“We need to be confident that we can transit without having any issues,” he continued. “Today we have no reassurance whatsoever. We will only get the reassurance once we see that ships can pass through the straits in a safe and sustainable way.”
Saverys maintained that the Strait of Hormuz should remain toll-free, stating: “The Strait of Hormuz is a free passage where normally no toll should be paid. If that would change in the future, we will investigate.”
The executive refused to disclose how many of his company’s vessels are currently trapped in the Gulf region, though he confirmed ongoing discussions with various governments to ensure safe navigation for their fleet.
“We’re in communication with all the governments to see and to make sure that our vessels can navigate. But right now, as you know, the situation is not safe yet,” Saverys said.
Commercial shipping through the critical waterway has come to a near-complete halt following the outbreak of the U.S.-Iran conflict on February 28, severely impacting energy distribution from Gulf nations.
Under normal circumstances, approximately 130 vessels traverse the strait daily, carrying roughly 20% of global oil and liquefied natural gas supplies.
