Shipping rebounds in Strait of Hormuz one week after U.S.-Iran deal – but fragile confidence threatens recovery
Shipping traffic is recovering a week after the U.S. and Iran signed a deal to reopen the Strait of Hormuz but a renewed attack on a cargo ship Thursday threw fresh uncertainty over the fragile passage, halting the United Nations' evacuation plan and sending some tankers into reverse. In the week following the ceasefire announcement, 125 transits were recorded between June 15-21, marking the highest weekly total since the war began in late February, as tankers rushed to move stored Gulf crude before the 60-day truce window expires. On June 24, AXS Marine recorded 62 commercial vessel crossings , the highest single-day count since the war started, but only equivalent to 53% of the traffic on the same day last year. The Islamic Revolutionary Guard Corps on Wednesday declared that all ships must use only its northern route and comply with Iranian routing instructions. Hours later, the Ever Lovely a Singapore-flagged Evergreen container ship was struck on its starboard side by a proje...
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