US President Donald Trump stated that ships are already passing through the Strait of Hormuz after an agreement was reached between the United States and Iran to end the war between them.
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Trump wrote on his Truth Social platform that “ships have begun moving, including many loaded with oil, out of the Strait of Hormuz.”
He added that the ships are taking a southern route, which he described as “perfectly safe, secure and in good condition,” noting that other routes are available, without giving further details.
Trump had previously confirmed that the Strait of Hormuz, which is of vital importance to global oil and gas trade, would be reopened after the formal signing of the agreement with Iran next Friday, with the need to carry out mine-clearing work in the strait.
Germany's largest insurance company estimates the value of the stranded ships and their cargoes at around $125 billion.
After weeks of negotiations, the United States and Iran reached a framework agreement to end the ongoing war, and the agreement is scheduled to be signed next Friday in Switzerland.
In contrast, some 1,150 ships remain stranded in the Gulf despite the framework agreement aimed at ending the war with Iran, according to an analysis by the German insurance company Allianz.
Germany’s largest insurance company estimates the value of the stranded ships and their cargoes at around $125 billion.
Allianz said on Wednesday that even if things return to normal, clearing the backlog will take several weeks. Justus Heinrich, the company's chief marine insurer, said: "Sea shipping is being held hostage by this conflict."
Heinrich said that maritime authorities and shipping companies are still unable to assess the threats facing ships and their crews.
He added: “The International Maritime Organization and German ship owners say they are still unable to assess the risk to crews and ships, and as long as this situation continues, ships will not sail.”
Heinrich said that Iran has a major bargaining chip, noting that between 20% and 25% of the world's oil and liquefied natural gas trade passes through the Strait of Hormuz.
He also noted the creation of a new Iranian authority for the Gulf and the Strait of Hormuz, which he said aims to oversee or approve insurance coverage for ships crossing this waterway.
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