comments on LinkedIn<\/a>. \u201cAccess is being restricted, conditioned and controlled.\u201d<\/p>\nWhile Iran\u2019s deputy foreign minister told the UK\u2019s ITV news agency that \u201cany\u201d vessel is free to navigate, he said that doing so required communication with Iran\u2019s military. He also confirmed the waterway was mined.\u00a0<\/p>\n
On Wednesday, the crew on one vessel reported hearing a warning from Iran that navigation through the strait still requires permission from the Islamic Republic, according to a person with knowledge of the matter. At least one oil tanker halted a plan to cross after it became clear that Iran was still insisting that vessels seek permission, a different person with knowledge of with the aborted transit said.<\/p>\n
The speed with which Hormuz reopens is vital for energy markets across the globe.\u00a0<\/p>\n
Even if ships do begin to make their way out of Hormuz, it\u2019s unclear if others will be willing to enter given the ceasefire only lasts for two weeks. It will also take anything from weeks to months for the oil to reach buyers once flows through the waterway do resume.<\/p>\n
President Trump posted on social media overnight that US military personnel would remain in the region and that if there\u2019s no deal \u201c\u2018the \u2018Shootin\u2019 Starts,\u2019 bigger, and better, and stronger than anyone has ever seen before.\u201d<\/p>\n
The head of the world\u2019s main shipping agency, the International Maritime Organization, said on Thursday that any efforts by Tehran to permanently enforce a toll system on Hormuz would set a dangerous precedent and are unacceptable.\u00a0<\/p>\n
\u201cWhat we cannot have is this different, or parallel, approach where another country introduces a different mechanism that is not in line with international practice,\u201d Arsenio Dominguez, the IMO\u2019s secretary-general, said in a Bloomberg TV interview.<\/p>\n
He said that the IMO is working to return shipping in the region to the state it was in before the war broke out. A group of nations, including the UK, are working to establish whether there are mines in Hormuz or not, he said.<\/p>\n
The return of discussions about mines in Hormuz is \u201cthe worst case scenario for shipping,\u201d according to Martin Kelly, head of advisory at EOS Risk Group. \u201cIf the TSS is mined, the recovery for safe passage will take months at least,\u201d he said, referring to the Traffic Separation Scheme ships use to cross it in normal times.\u00a0<\/p>\n
So far, there\u2019s been only a limited volume of booking activity for ships to load oil inside the Persian Gulf.\u00a0<\/p>\n
One trading company booked a vessel to haul 1 million barrels from Iraq on Wednesday, according to lists of charters compiled by Bloomberg.<\/p>\n
Another supertanker booking to haul crude from the Middle East made on the same day fell through, people involved in the market said. Two traders who handle Persian Gulf barrels, said there had been little change to cargo trading inside the region since the ceasefire.\u00a0<\/p>\n
The International Chamber of Shipping<\/a>, an umbrella organization of trade groups representing owners of over 80% of the world\u2019s fleet, said work more needs to be done before ships can go through en masse againg.<\/p>\n\u201cThere is not much movement because we do not have any solid confirmation as to securing a safe passage,\u201d secretary general Thomas Kazakos said in a Bloomberg radio interview, adding that \u201cas yet we have not received any solid information\u201d on how traffic could return to normal.\u00a0<\/p>\n<\/div>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Ship traffic through the Strait of Hormuz remained blocked Thursday, even as a handful of Chinese vessels lined up to escape, with a very fragile ceasefire between the US and Iran yet to improve traffic flows in the region.\u00a0 Just seven ships, all with some kind of prior link to Iran, were observed making the<\/p>\n","protected":false},"author":1,"featured_media":2532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[634,56,204,293],"tags":[200,1121],"class_list":["post-2531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia","category-business","category-finance","category-latest","tag-iran","tag-oil"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/owspakistan.com\/index.php?rest_route=\/wp\/v2\/posts\/2531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/owspakistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/owspakistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/owspakistan.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/owspakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2531"}],"version-history":[{"count":0,"href":"https:\/\/owspakistan.com\/index.php?rest_route=\/wp\/v2\/posts\/2531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/owspakistan.com\/index.php?rest_route=\/wp\/v2\/media\/2532"}],"wp:attachment":[{"href":"https:\/\/owspakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/owspakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/owspakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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