Shipping companies welcomed the US-Iran peace deal to reopen the Strait of Hormuz after a three-month closure, but full restoration of transit remains dependent on mine clearance, insurance reinstatement, and navigational safety assessments. Kpler data shows 483 vessels are effectively trapped in the Arabian Gulf, including approximately 220 tankers. BIMCO's chief safety officer Jakob Larsen stressed that mine-free routes and credible assurances from both sides must be established before full traffic resumes. Only 14 total crossings were recorded over the weekend. Analysts estimate 4-8 weeks for full normalization, with the Pentagon previously warning mine clearance could take up to six months. War risk insurance premiums remain elevated at 1.0%, and owners, charterers, and insurers require confidence in safe-passage procedures.
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