Shippers seek clarity on Hormuz transit after fresh warnings from Iran

Shipping companies are holding back from returning to the Strait of Hormuz, saying they need firmer assurances on the terms of the US-Iran ceasefire after Tehran said the vital waterway remains off-limits to vessels sailing without a permit.

The six-week war all but choked off traffic through the strait, a narrow corridor that handles about 20% of global oil and liquefied natural gas (LNG) shipments, sending energy prices sharply upward around the world.

Iran said it would provide safe passage in coordination with its armed forces, but its coastguards also warned today that any vessel trying to pass without authorization would be “targeted and destroyed”.

“Transit in the Strait of Hormuz is closed yet, and you must receive permission from Iranian Sepah navy,” said a radio message received by two ship owners and shared with Reuters.

Major shippers stay on guard

The identity of the ship involved was not immediately known, though Marine Traffic data showed that two Greek-owned and two Chinese-owned bulk carriers had moved through since early today.

Iran has previously put in place safe-passage arrangements with several countries, including India and Iraq.

Denmark’s Maersk MAERSKb.CO said the ceasefire could open a window for vessels to transit, but stopped short of saying maritime conditions were fully secure.

German container carrier Hapag Lloyd said it wanted proof that the ceasefire would endure before reopening orders for selected markets.

Interest returns among Asian refiners

Getting shipping flows back to normal could take at least six to eight weeks, Hapag-Lloyd CEO Rolf Habben Jansen said on a customer call.

Lars Barstad, CEO of oil tanker group Frontline FRO.OL, said the company was still weighing the implications of the ceasefire for shipping. “I want to see the fine print,” he told Reuters.

Bimco Chief Safety and Security Officer Jakob Larsen said vessels departing the Gulf without prior coordination with US and Iranian authorities would face elevated danger.

Since the war began on 28 February, nearly 30 maritime incidents involving commercial vessels and offshore infrastructure have been recorded across the region, according to a note dated 7 April from the US Navy-led Joint Maritime Information Center.

As of yesterday, about 187 laden tankers carrying 172 million barrels of crude oil and refined products were still inside the Gulf, ship tracker Kpler said.

Shipping sources said demand for Gulf cargoes was starting to recover among Asian refiners, as well as trader Glencore and French oil major TotalEnergies TTEF.PA, both of which declined to comment.

Asian economies, the biggest buyers of oil moving through the strait, have felt the disruption most acutely.

“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 that more than 50 VLCCs and about 15 Suezmaxes could soon leave the Gulf.

Britain said it would work with the shipping, insurance and energy sectors in an effort to rebuild confidence in using the Strait of Hormuz.