Summary
- South Korean shipping companies are maintaining a cautious stance on Strait of Hormuz transit despite the temporary ceasefire.
- The number of vessels passing through the Strait of Hormuz remains near wartime levels, and other countries are also refraining from moving ships hastily.
- With 26 vessels from South Korea currently in the Persian Gulf, the waiting period for domestic ships is also set to lengthen.
Forecast Trend Report by Period
South Korean shipping companies are maintaining a cautious stance on passage through the Strait of Hormuz despite a temporary ceasefire between the US and Iran, Yonhap News Agency reported.
A Ministry of Oceans and Fisheries official told Yonhap on July 9 that domestic shippers remain confused. With no certainty yet on freedom of navigation through the strait, they are finding it difficult to move quickly.
The number of vessels passing through the Strait of Hormuz is still near wartime levels. Other countries are also holding back from moving ships hastily, the official added.
At the request of domestic shipping companies, the ministry has asked relevant agencies, including the Foreign Ministry, to gather information on the situation involving Iran. During the conflict, about five vessels a day passed through the Strait of Hormuz, according to the ministry. Most were linked to shipping companies or registries in Iran-friendly countries such as China.
The wait for South Korean vessels also stands to lengthen. A total of 26 South Korean ships are currently in the Persian Gulf, the body of water inside the Strait of Hormuz.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
