The Chief Executive Officer of Japan’s Mitsui O.S.K., Jotaro Tamura, on Tuesday said ship owners will not resume transit through the Strait of Hormuz ​for weeks until they are confident that the U.S.-Iran peace ‌deal is “material.”

The CEO, during an interview with the Financial Times, said the war, which began in late February, has largely halted shipping ​through the key route; around a fifth of world oil and liquefied natural gas supply, along with ⁠products such as aluminium and urea.

Mr Tamura stated that “Given the experiences in the ​last couple of months, it is reasonable to assume ​that it may take at least a couple of weeks or, if not a month,” before U.S. President Donald Trump announced ​a deal to end the war in Iran.

The agreement between ​Washington and Tehran has not changed Mr Tamura’s view, the FT report said.

Mitsui O.S.K. said in an emailed statement to Reuters, “We ‌recognise ⁠that there are signs of movement toward a ceasefire. However, operations will not be resumed until safety has been sufficiently confirmed.”

“The resumption of ​transit will require ​close coordination ⁠with the governments of the relevant countries, insurers, and other stakeholders,” the Japanese shipping giant added.

Mitsui ​O.S.K.,is one of Japan’s three biggest shipping firms, and  has ​a ⁠fleet of more than 900 vessels, including bulk carriers, tankers and ferries.

(Reuters/NAN)