The CEO of Japan’s Mitsui O.S.K., Jotaro Tamura, on Tuesday said Ship owners will not resume transit through the Strait of Hormuz for weeks until they are confident that the U.S.-Iran peace ‌deal is “material”.

The CEO, during an interview with the Financial Times, said the war, which began in late February, has largely halted shipping through the key route; around a fifth of world oil and liquefied natural gas supply, along with ⁠products such as aluminium and urea.

Tamura stated that “Given the experiences in the last couple of months, it is reasonable to assume that it may take at least a couple of weeks or, if not a month,” before U.S. President Donald Trump announced a deal to end the war in Iran.

The agreement between Washington and Tehran has not changed Tamura’s view, the FT report said.

Mitsui O.S.K. said in an emailed statement to Reuter,”We ‌recognise ⁠that there are signs of movement toward a ceasefire. However, operations will not be resumed until safety has been sufficiently confirmed.”

“The resumption of transit will require close coordination ⁠with the governments of the relevant countries, insurers, and other stakeholders,” the Japanese shipping giant added.

Mitsui O.S.K.,is one of Japan’s three biggest shipping firms, and has a ⁠fleet of more than 900 vessels, including bulk carriers, tankers and ferries.(Reuters/NAN)

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