00:00What is the situation? Are ships continuing to go through Hormuz or do flare-ups like what happened at the
00:07weekend just stop everything in its tracks?
00:10I think it's a bit of both. What we saw at the weekend has certainly not helped owners to feel
00:16more confident about going through.
00:19But within the ceasefire, there's now this kind of extra ceasefire that maybe will give some of them comfort.
00:25But the owners that I've spoken to would say that they're at least as cautious as they were, if not
00:31more so.
00:32But it's a huge pool of ship ownership and people have very different attitudes to risk.
00:37So it's always tricky to be very declarative about how much the shipping industry is kind of changing its attitudes.
00:45I mean, you have to also keep in mind that there's just this constant change of little details of things
00:52happening, a couple of attacks in the last week, ceasefire.
00:55It goes on and on and on. So owners are just kind of, I think they've got their policies.
01:03Individual events obviously don't help necessarily, but I think that they've really just got their set policies.
01:09And it takes a big deal for them to really sort of like change what those policies are.
01:13And of course, they're talking to each other on a daily basis and talking to authorities in all sorts of
01:17countries, I'm sure, as well.
01:18Alaric, Iran says it held the first joint committee meeting, this Iran-Oman-Hormuz joint committee that's been set up.
01:27What are they going to decide and will it be recognized?
01:33That's a fantastic question. I mean, the big question is tolls.
01:38Will the shipping industry be charged to go through the Strait of Hormuz in a mandatory way or in a
01:45way that is ultimately mandatory?
01:47We've seen some talk that Amman might lean that way, but that's a very, very difficult and pressured thing for
01:54them to do.
01:54But equally, if they don't impose tolls, then everybody would go via the Ammani route.
02:00There are basically two corridors now, one that goes by Iran, one that goes by Amman.
02:05So if everybody just started to go through the Amman route because it was free, it would massively undermine Iran's
02:11efforts to charge tolls.
02:13So that's going to be an important kind of question for everybody.
02:17And it's really the key sticking point as to what happens next in the Strait of Hormuz.
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