Despite the political de-escalation in the Strait of Hormuz region, shipping has not yet returned to normal, with hundreds of ships remaining on hold and the international shipping community closely monitoring developments.
Speaking to ERTNews and the program “Connections,” the president of the Association of Shipping Brokers, Yannis Kotzias, emphasized that the safety of ships and seafarers remains the top priority.
“We are seeing a political de-escalation, but we still do not have a return to normalcy in shipping,” he said, noting that it is essential to fully ensure that maritime channels are safe and free of hazards, such as mines or other threats to navigation.
Nearly 1,000 ships waiting
According to him, approximately 400 ships are currently in the Strait of Hormuz, while another 480 to 520 ships remain in the wider region waiting to enter or exit the Persian Gulf.
“This number amounts to about a thousand ships. All of them are waiting to conduct commercial activity,” he noted.
As he explained, the months-long delay has significantly impacted global trade, as the ships carry oil, raw materials, grain, corn, fertilizers, and other critical cargo.
“Shipping accounts for 90% of global trade. All these shortages that are hitting our pockets have been caused by the congestion of ships that are trapped,” he pointed out.
The critical role of Iranian oil
He placed particular emphasis on the resumption of Iranian oil exports. As he noted, three tankers have already set sail carrying more than 5 million barrels of crude oil, and a potential lifting of restrictions on Iran’s exports could have a positive impact on the global energy market.
Referring to the cost of insuring ships, he explained that insurance premiums are directly linked to the level of risk in the region.
“The premium reflects the risk. When the risk decreases, so do the premiums,” he noted, adding, however, that normalization will not be immediate, as hundreds of ships will have to gradually pass through the restricted shipping lanes.
A Race Toward Energy Security
Regarding the timeline for a return to normalcy, the president of the Association of Shipping Brokers expressed cautious optimism.
“We hope that normalcy will return shortly. I believe that shipping flows should return to normal by the summer,” he said.
At the same time, he warned that the next two months are critical for energy security, as this is the period when natural gas storage facilities are filled in preparation for winter.
As he emphasized, if energy flows have not been fully restored by August, new pressures on the market may arise. Mr. Kotzias described the Strait of Hormuz as a “superweapon” of geopolitical influence, noting that the disruption of its operations affected the entire planet.
“With this, they managed to draw the entire planet into the conflict. We were all affected—even Greece—with shortages that had to be covered by rerouting cargo from alternative sources,” he concluded.
Source: www.ertnews.gr