Shippers were eager for clear guidance on logistical arrangements on Wednesday to resume tanker traffic through the Strait of Hormuz after a ceasefire agreement between the U.S. and Iran. According to data from LSEG shipping, most oil and gas tankers were still within the Gulf following President Donald Trump’s announcement of the two-week ceasefire.
Iran’s foreign minister, Abbas Araqchi, expressed that Tehran would halt counter-attacks and facilitate safe passage in collaboration with its armed forces if hostilities ceased. Ship tracker Kpler reported that around 187 tankers carrying 172 million barrels of oil and refined products were present in the strait as of Tuesday.
With over 1,000 vessels trapped in the Persian Gulf, clearing the backlog could take more than two weeks even under normal circumstances, as stated by Daejin Lee, the global head of research at Fertmax FZCO. Lee emphasized the need for a longer period to restore confidence among shipowners and charterers for Arabian Gulf loading routes.
Various countries, including Canada, have pledged to ensure freedom of navigation through the strait amidst escalating tensions. Asian economies heavily reliant on oil shipments through the strait have been significantly impacted by the disruptions. Efforts are underway to facilitate the resumption of normal trade through the strait, with diplomatic engagements and potential military patrols being considered.
Iran’s approach to peace talks with the U.S. will be cautious, and discussions on the future legal framework of the Strait of Hormuz are ongoing. Industry experts, including Jakob Larsen from Bimco and Anoop Singh from Oil Brokerage, are monitoring the situation closely for technical details and operational guidance from the U.S. and Iran.
Danish shipping group Maersk has not yet made decisions on transiting the strait, emphasizing the need for continuous risk assessments and close security monitoring. While oil prices saw a decline following the ceasefire announcement, market analysts remain cautiously optimistic about the prospects of normalized shipping and a lasting peace agreement in the region.