Shipping firms await proof of safety before returning to Hormuz

Shipping companies are waiting for evidence that the agreement between the United States and Iran will hold before resuming operations through the Strait of Hormuz, Al Jazeera Arabic reported. 

The Financial Times quoted the chief executive of CMB Tech, one of the world's largest publicly listed shipping companies, as saying that the company would not send vessels through the waterway until it was "100% convinced" that conditions were safe.

Insurance broker James Reason told the Financial Times that war risk insurance rates had not yet responded to the US-Iran agreement, adding that uncertainty persisted over its implementation.

He said market participants remained concerned and were still assessing the seriousness and durability of the accord before adjusting their risk calculations.