Shipowners still face ‘very risky’ Hormuz, await US-Iran truce details

Shipping companies still face high risks in transiting the Strait of Hormuz despite the announcement of an upcoming US-Iran peace deal, security officials said June 15, while warning the resumption of normal traffic could take weeks.

Following over two months of negotiations, Iran and the US have agreed to sign a preliminary deal June 19 that could suspend maritime attacks around the choke point -- which handles 20% of global oil and LNG trades in normal times -- for 60 days.

"The statements by the US and Iran are currently unclear and do not offer sufficient information regarding key aspects such as timings and safe routes," said Jakob Larsen, chief safety and security officer at BIMCO, the world's largest shipowners' organization by direct membership.

"Due to lack of details and a history of overly optimistic reassurances, we believe the security situation for the shipping industry remains volatile, and we still consider it very risky for ships to commence transits at this point."

The peace agreement news came after the UK Maritime Trade Operations reported a tanker was hit by an unknown projectile six nautical miles east of Oman June 12. The ship continued its voyage with no casualties reported.

Since the Middle East war broke out Feb. 28, the UN's International Maritime Organization had recorded 46 maritime security incidents as of June 11, leading to the deaths of 14 seafarers.

"The agreement has not yet been formally signed, key details remain unpublished, and several issues, including Iran's nuclear program, remain subject to further negotiations," security consultancy Vanguard tech said.

"Mine clearance operations, transit arrangements, and the wider normalization of maritime traffic could take weeks rather than days," said the company, adding that the security conditions are "moving towards a managed reopening rather than an immediate confirmed return to unrestricted commercial transit."

S&P Global Commodities at Sea data showed ship transits via Hormuz have fallen by 90% during the war. The shipping crisis has led to higher energy prices and freight rates as many analysts warned of potential oil demand destruction if the conflict is not resolved.

Six general cargo ships, one LNG tanker, one bitumen carrier and no other oil tankers transited Hormuz as of 1620 GMT on June 15, according to CAS data. Around 135 ships a day, including 46-47 oil tankers, used the Hormuz waterway in February before the Iran war began

Safety concerns

Iran has allowed a small number of ships to sail through Hormuz via the Iranian coast under a toll system, while warning of mine risks for transits via the IMO-established Traffic Separation Scheme, widely used before the war. The US has been advising ships sailing close to the Omani shore in dark transits without paying a toll.

"As we now hopefully move towards peace, we must see a permanent return to vessels being able to pass through the Strait of Hormuz unimpeded without paying a toll or other clearance mechanism," International Chamber of Shipping Secretary General Thomas Kazakos said in a statement.

An informed source told Iran's semi-official Fars news agency that, for the coming 60-day truce, transiting the Strait of Hormuz will be charge-free, and that Iran intends to offer "safety, shipping, environmental and insurance services" for some income "for domestic economic development."

Iran's foreign ministry spokesman Esmaeil Baqaei said during a press briefing that Iran will design and receive fees related to navigation services, environmental protection and ship insurance provided by Iran and Oman rather than directly charging a toll.

Speaking at a brief press conference alongside French President Emmanuel before the G7 Summit, US President Donald Trump said June 15 the deal does not allow Iran to collect tolls on passing ships.

BIMCO's Larsen said the UN ideally should direct the resumption of maritime traffic as a neutral body, clarifying matters like safe routes, measures to separate traffic and ship security procedures, among other matters.

There are 20,000 seafarers stranded on 500 ships within the Persian Gulf, according to the ICS. CAS data showed 140 oil tankers are in the Gulf, although the actual number could be much higher when the ships not transmitting location data are taken into account.

IMO Secretary-General Arsenio Dominguez said the US-Iran peace deal represents "an important step toward restoring safety in this vital maritime corridor for seafarers and ships" and would allow the UN agency to advance its plan to evacuate seafarers.

"However, its implementation will require time to ensure that all necessary safety and security guarantees are in place," Dominguez added.