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Top shipping executives say they are waiting for "safe and sustainable" strait crossings

Two top executives in the shipping sector said that they wanted to see a safe and sustainable passage through Strait of Hormuz before much oil or cargo leaves or enters the Gulf.

We thought that there was some hope when, two weeks ago, the temporary ceasefire came into view. In reality, the agreement did not translate into safety and passage for the vessels", Jotaro Tamura, chief executive officer of Japan's Mitsui O.S.K. Lines in an interview conducted on the sidelines the Singapore Maritime Week.

MOL is one of the largest shipping companies in the world and is the leading owner of liquefied gas and oil tankers.

Tamura said that questions about safety would remain, even if the Strait were to reopen.

The Iranian Islamic Revolutionary Guard Corps warned that there are mines in the area.

It's about?the definition of the word open. Is it open or only half-open? "Is it really open or is there a risk?" Tamura spoke. "At some stage, the (voyages will resume) and normalisation is a reality. It's difficult to predict how the reality will be."

He said that MOL follows international law which allows for free passage through the Strait.

CMB.Tech in Belgium, a large and diversified maritime firm with more than 250 vessels, is also waiting to get more clarity.

"We cannot hedge." Alexander Saverys, CEO of Saverys Group, said at the Singapore conference that we should just wait and see what happens in the Middle East.

It creates a lot more uncertainty."

He said, "We must be confident we can travel without any problems." Today, we are in no way reassured. "We will only be able to'reassurance when we see that the ships can pass through in a safe,?sustainable manner."

Saverys stated that "the Strait of Hormuz is normally a free-passage where no toll should have been paid." If that were to change, we would investigate.

He refused to comment on how many ships his company has stranded in the Gulf.

"We are in constant communication with all the governments to ensure that our ships can navigate. As you may know, right now the situation is still not safe.

Since the U.S. - Iran war broke out on February 28, energy supplies from Gulf have been disrupted.

About 130 ships a day pass through the strait to enter or exit the Gulf. This translates into about 20% of daily global oil and LNG supply. (Reporting from Siyi Liu in Singapore and Florence Tan; editing by Jason Neely).

(source: Reuters)