Following the US-Iran cease-fire, the first tentative movements have emerged from the fleet of tankers stranded in the Persian Gulf for over a month, although the prospects for passage remain fraught with uncertainty.

According to media reports, two Very Large Crude Carriers (VLCCs) affiliated with Mitsui O.S.K. Lines—the Mayasan and the Yakumosan—began moving eastward through the Persian Gulf on Thursday evening local time, heading in the direction of the Strait of Hormuz. Each vessel is loaded with approximately 2 million barrels of crude oil and had been anchored near Ras Tanura, Saudi Arabia, since mid-March. Concurrently, a Greek-flagged product tanker, the Sea Condor, is also moving towards the Strait of Hormuz.

However, the timeline for reopening the passage remains unclear. While the US President announced the cease-fire earlier this week and stated the strait would be "fully open," he criticized Iran on Thursday for performing "very poorly" in facilitating the release of tankers. Traffic through the strait slowed again after a brief uptick over the weekend, with most shipowners indicating the situation remains too uncertain to attempt a transit.

**Fleet Gathers, Tentative Eastward Shift** Since the US and Israel launched strikes against Iran in late February, hundreds of vessels have been trapped along the approximately 1,000-kilometer Persian Gulf shipping lane. After the cease-fire was announced, some shipowners began re-evaluating their options, and vessels have gradually started gathering near the entrance to the Strait of Hormuz.

The Mayasan entered the Persian Gulf a few days before the conflict began, loading crude oil in the UAE and Saudi Arabia in late February. Its listed destination is the port of Tomakomai in northern Japan.

The Yakumosan also entered the Persian Gulf in late February. It received a cargo of Qatari crude from a floating storage vessel in early March and later loaded an additional cargo at Juaymah, Saudi Arabia. It has been anchored near Ras Tanura for several weeks, and its current destination is listed as a gathering point near Das Island, UAE.

The Greek product tanker Sea Condor entered the Persian Gulf around the same time, loaded fuel in Kuwait, and is currently headed towards Sharjah. The vessel is owned by Turandot Marine Co., which shares contact details with its manager, Athens-based Pantheon Tankers Management, which did not respond to requests for comment.

**Mitsui O.S.K. Lines: Safety First, Cautious Watch** Both VLCCs are managed by Mitsui O.S.K. Lines. The vessel database Equasis shows the Mayasan is owned by Mitsui O.S.K. Lines, while the owner of the Yakumosan, Phoenix Ocean Corp., shares the same registered address as the Japanese company.

The President of Mitsui O.S.K. Lines stated on Thursday that the company would not allow its tankers to attempt passage through the Strait of Hormuz until the details and implementation of the cease-fire are fully verified. Prior to the cease-fire being reached this week, the company had withdrawn at least one vessel from the Persian Gulf.

Regarding the eastward movement of the two vessels, Mitsui O.S.K. Lines declined to comment on the "navigation status or operational measures of individual ships" and reiterated that its top priority is ensuring the safety of crew, cargo, and vessels.

**Sanctions Risks and Passage Hurdles Persist** Even with the cease-fire in effect, the obstacles facing shipowners extend beyond safety concerns. Reports indicate that Iran is demanding vessels pay a fee to secure safe passage. Such payments could potentially expose companies to legal risks for violating sanctions, leaving shipowners in a difficult position.

Currently, traffic through the Strait of Hormuz remains low. According to Bloomberg tracking data, the vessels that have transited the strait since the cease-fire have primarily been those linked to Iran. While the US administration has expressed optimism about the strait's reopening, the public criticism on Thursday indicates that disagreements over passage arrangements between the US and Iran have not yet been resolved.

In this context, the eastward movement of the Mayasan and Yakumosan is being interpreted by the market more as a tentative repositioning rather than a clear signal of imminent transit. Expectations in the energy market for a normalization of traffic through the Strait of Hormuz still await more substantive progress for confirmation.