Japan's NYK expects 'early normalization' of Hormuz navigation after peace deal

Japan's NYK Line, one of the world's largest ship operators, said June 15 it expects "an early normalization" of navigation through the Strait of Hormuz after US President Donald Trump announced that a US-Iran peace deal has been reached.

"If the end of hostilities is agreed upon, that would be a welcome development," a NYK spokesperson told Platts, part of S&P Global Energy, June 15. "Based on the agreement, we expect an early normalization of navigation through the Strait of Hormuz."

NYK, which has not had any ships transit the Strait of Hormuz since the conflict, currently has multiple ships in the Persian Gulf to date, the spokesperson added.

Japan's Mitsui O.S.K. Lines, among the world's largest ship operators, said June 15 that it will resume navigation through the Strait of Hormuz only after confirming safety.

"We are aware that there are indications of movements toward a ceasefire; however, our policy remains unchanged -- we will resume navigation only after safety has been thoroughly confirmed," an MOL spokesperson told Platts.

"We believe that close coordination with the relevant governments and insurance companies, among others, is essential for the resumption of navigation," the spokesperson said, adding that the company will work in close cooperation with the relevant authorities to verify that safety is ensured.

"Going forward as well, we will continue to prioritize the safety of seafarers, cargo, and vessels above all else, and will respond appropriately in accordance with international law and international rules."

"The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!" Trump said in a post on his social media platform Truth Social on June 14.

Iranian state television confirmed an agreement had been reached.

"The US was forced to sign the understanding of ending the war with the Islamic Republic and the Resistance Front. [Pakistani Prime Minister] Shahbaz Sharif wrote about a permanent and immediate end to all the war fronts by the US and its allies," state television reported June 14.

"After the official signing, the memorandum of understanding's text will be publicized," Iranian Deputy Foreign Minister Kazem Gharibabadi subsequently said on state television.

In his post on Truth Social later June 14, Trump said, "With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!"

The Strait of Hormuz is a vital chokepoint through which about 20% of the world's oil and LNG supply transited daily prior to the conflict.