Shipping

Shipowners Seek Details on Hormuz Deal Before Resuming Transits

A US-Iran deal to reopen the Strait of Hormuz has been met with caution by shipowners and traders, who say they need more details to assess safe transits after months of false starts. Iran's Fars News Agency reported transits will be free for 60 days before Tehran begins charging. BIMCO and major Japanese shipping companies cautioned that key details still require clarification, with nearly 300 loaded vessels waiting in the Persian Gulf to cross.