Hormuz Reopening Raises Hopes for 26 Korean Ships, but Iran’s Conditions Loom

Government, shipping industry monitor Iran’s terms for Hormuz transit

South Korea’s government and shipping companies are closely watching whether 26 Korean-flagged vessels stranded inside the Persian Gulf can return home after the US and Iran agreed to halt military clashes for two weeks and reopen the Strait of Hormuz. Still, officials and the industry say a full resumption of normal shipping may take more time because Iran has indicated that passage through the strait would remain under its control.

News1 reported on July 8 that the government is tracking further talks between Washington and Tehran while checking the conditions for resuming transit through the Strait of Hormuz. A diplomatic source told the outlet that it was still too early to judge the situation and that Iran’s announcement allowed vessel traffic but placed it under Iranian control.

South Korea’s Foreign Ministry is waiting for a clearer confirmation of the position coordinated by the US and Iran. It believes an immediate return to free navigation will be difficult, particularly because traffic through the strait could resume under the control of Iran’s Islamic Revolutionary Guard Corps, or IRGC.

President Donald Trump said on July 7 that he would suspend attacks on Iran for two weeks on the condition that the Strait of Hormuz be “opened immediately.” Iran’s Supreme National Security Council, or SNSC, also officially announced that it had accepted a US proposal delivered through Pakistani mediation. The move has at least temporarily halted more than a month of clashes involving the US, Israel and Iran.

The two sides are set to begin talks in Islamabad, Pakistan, on July 10, with negotiations scheduled to last up to 15 days. Even so, differences remain over the actual terms for reopening the waterway.

According to the Foreign Ministry and other officials, a set of “10 proposals” that Iran’s Supreme National Security Council presented to the US through Pakistan included “controlled passage through the Strait of Hormuz in coordination with Iranian forces.” That wording differs from Trump’s reference to an “immediate opening.” The exact framework for resuming navigation through the strait will likely be clarified in the upcoming talks.

The Ministry of Trade, Industry and Energy is also checking the details through diplomatic channels. A ministry official said the government was verifying the specifics of Hormuz transit and would work with the Foreign Ministry and the Ministry of Oceans and Fisheries to support the swift and safe passage of Korean oil tankers once the details are confirmed.

Shipping companies are also refraining from moving too quickly. South Korean carriers with vessels stranded in the Persian Gulf are weighing the possibility of the strait reopening while first watching how ships from other countries respond, according to industry officials. Safety conditions in the area and the method of transit remain unclear.

Industry officials said 26 Korean vessels are currently stranded in the Persian Gulf. They are operated by HMM, Pan Ocean, Sinokor Merchant Marine and SK Shipping. By vessel type, the total includes 17 crude oil and petroleum product tankers, five bulk carriers, one container ship, two gas carriers and one car carrier.

Kim Dae-young, Hankyung.com reporter kdy@hankyung.com