Shipping firms seek guarantees for Hormuz Strait transit despite deal

Global shipping organization BIMCO is urging caution regarding the Strait of Hormuz, stating that navigation remains risky despite a recent agreement between the United States and Iran. The organization, representing 60% of the world's merchant fleet, expressed concern over the "volatile" situation, emphasizing that statements from both nations lack clarity on crucial details like safe passage times and routes.

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Due to the lack of details and a history of overly optimistic promises, we believe the security situation for the freight transport industry remains volatile and we still consider it very risky for ships to begin transiting (the strait) at this point.

Jakob Larsen, BIMCO's Head of Maritime Security, highlighted that insufficient details and a history of overly optimistic promises make it too risky for ships to resume transit at this point. He stressed the need for credible guarantees from both conflicting parties to ensure safe, mine-free routes before traffic can return to pre-conflict levels. The threat of naval mines remains a significant concern for the future.

BIMCO suggests that a neutral body, such as the United Nations, should ideally oversee the resumption of traffic. Such an organization could clarify critical issues, including safe routes, traffic separation, departure sequencing from the Persian Gulf, reporting procedures, and emergency response protocols. Shipping companies require assurance not only that transit is permitted but that it is genuinely safe.

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The threat of mines in the area remains a cause for concern, now and in the future, and mine-free routes need to be established.

Niels Rasmussen, a maritime analyst at BIMCO, noted an increase in vessels transiting the strait over the past week. However, he indicated that the preliminary agreement between the U.S. and Iran, expected to be signed soon, has not fundamentally altered the situation. Rasmussen anticipates it will take several weeks for all ships to depart the Persian Gulf, underscoring the ongoing complexities despite diplomatic efforts.

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We expect it to take several weeks for all ships to leave the Persian Gulf.