RIYADH: Ship owners are rushing to understand the precise details of a ceasefire agreement that may temporarily open the Strait of Hormuz, hoping to take advantage of a potential window to move more than 800 ships stranded in the waters of the Arabian Gulf.
The near-total closure of this vital waterway for weeks has created an unprecedented crisis in global energy supplies, after Iran imposed its control over the strait following a war that began with US and Israeli strikes.
With no way to guarantee the safety of thousands of sailors and their cargoes after multiple attacks, ships have remained anchored on both sides of the strait, and traffic has slowed to a crawl.
Hours before the deadline set by US President Donald Trump expired, the two sides agreed on Tuesday to a ceasefire in exchange for the reopening of the strait.
But the details remain unclear, with Iran saying it has agreed to two weeks of safe passage coordinated with its armed forces and subject to “technical restrictions,” while Trump announced a “full, immediate, and safe opening.” It is unclear whether the two sides have reached an agreement on the fees imposed by Tehran.
Cautious optimism among ship owners
Still, the news was enough to give ship owners some cause for cautious optimism. The Japan Shipowners’ Association, a major industry group, was among those saying it would seek to verify the details of the agreement between the US and Iran before relaying the information.
But most cautioned that more clarity is needed before ships move, and even in the best-case scenario, resuming flows will take time. In peacetime, about 135 ships transit the strait daily, a number that has sharply declined.
Jennifer Parker, assistant professor at the Defense and Security Institute at the University of Western Australia, said: “You can’t restart global shipping flows within 24 hours.” She added: “Tanker owners, insurers, and crews need to be convinced that the risks have actually decreased, not just temporarily paused.”
Hundreds of ships trapped inside Gulf waters
Ships carrying energy make up a large portion of the fleet trapped inside Gulf waters, according to data from Kpler.
There are currently 426 crude oil and clean fuel tankers, in addition to 34 LPG carriers and 19 LNG carriers. The remaining ships are carrying dry goods, such as agricultural or mineral products, and containers.
According to a count by the International Maritime Organization at the end of March, there are about 20,000 civilian sailors stranded on these and other service and support vessels.
These crews have faced supply shortages, fatigue, and psychological stress, as warned by the UN agency.
