Tankers: A Fragile Peace Deal and the Hormuz Straits Conundrum in Hellenic Shipping News 22/06/2026 T he recent signing of the peace agreement between the US and Iran is proving to be as fragile as the Hormuz Strait’s restoration of “business as usual”. In its latest weekly report, shipbroker Gibson said that “after more than three months of disruption, the prospect of the Iran conflict drawing to a close appears higher than ever. The memorandum of understanding (MOU) between Iran and the US, signed twice over the past week, sets out fourteen points charting a path towards normalisation. In brief, the MOU stipulates an end to hostilities between all parties, including Israel and Lebanon, alongside the lifting of both the US and Iranian blockades, the latter taking into account the removal of technical obstacles and mines. Iran is to receive its frozen funds together with substantial financing and sanctions relief and will in turn refrain from pursuing a nuclear weapon. A comprehensive agreement is to be negotiated within 60 days, a period which is extendable, with the final deal enshrined through a binding resolution of the UN Security Council”. According to Gibson, “the early signs suggest both sides are honouring the terms. We have seen several Iranian VLCCs and Suezmaxes cross the US blockade this week with their AIS switched on, indicating Washington is holding up its end of the bargain. Similarly, transits through the Strait of Hormuz are increasing, though a return to pre-war volumes within 30 days may prove difficult to achieve. However, cargo availability currently exceeds the willingness of owners to cross the SOH, indicating that for now concerns about transits remain in place. Transits into Hormuz are expected to build gradually, subject to the security situation continuing to improve, and insurance premiums should ease in line with this. Freight premiums for transits into the Middle East Gulf (MEG), however, are likely to remain volatile. We have observe