Verified crossings still at historic lows

Recent US-Iran developments include a preliminary agreement/MoU aimed at:

  • Extending the ceasefire.
  • Removing the US naval blockade (within ~30 days).
  • Allowing toll-free, safe passage through the Strait of Hormuz for commercial vessels for 60 days.
  • Further negotiations on nuclear issues and regional stability (including Lebanon).

Despite the political progress and the start of some vessel movements, commercial shipping is recovering very slowly. Reasons include:

  • Lingering mines and security risks (clearance is ongoing and could take months).
  • Very high war-risk insurance premiums (still 10–30x pre-war levels).
  • Backlog of stranded vessels.
  • General caution from shipowners and insurers.