Global shipping lines relieved over ceasefire
While the whole world, including Sri Lanka, has been witnessing the Iran-Israel war, speculation was rife as to whether the Strait of Hormuz will be temporarily shut down due to the conflicts between the two countries.
Now that the two countries have agreed on an indefinite ceasefire since last Tuesday, the global shipping industry sees space to breathe and feels no threat of shortage to supply oil to ships, Nilud Fernando, a professional in international shipping and logistics, told The Sunday Times Business on Friday.
Mr. Fernando said, “As for the tensions that had been growing up last weekend in West Asia, from a shipping point of view there were growing concerns that the Strait of Hormuz would be closed which would have affected 20 per cent of oil supply. As of now the Strait of Hormuz remains fully open and operational with no incidents reported. Some of the shipping lines have already confirmed its passage via the Strait of Hormuz.”
Mr. Fernando stressed, “Earlier this week we saw a power packed drill by concerned countries to showcase its prowess across the region. The US announced a ceasefire on early 24 June, between Iran and Israel and US believes that this will be seen as a permanent halt although there had been an exchange of missiles between the two countries which could be considered as the last round before a complete ceasefire.”
Highlighting on the reciprocal tariff of the US, announced several weeks back, he stated, “Regarding the latest on the reciprocal tariffs, the Trump administration looks to the Court of Appeal to back tariff powers as it sets to expire on July 9, 2025 with a pause for China ending on 12 August 2025. Reciprocal tariffs have been temporarily reduced to 10 per cent across the board. Nevertheless, these are scheduled to shift back to their previous quantum on July 9 for majority countries other than China.”
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