An increase in fuel prices, ship insurance costs and an impact on the supply chain and transportation in general is expected to result in a possible closure of the Strait of Hormuz by Iran, Deputy Minister of Shipping Marina Hatzimanoli told CNA.
Asked to comment on the Iranian Parliament's decision, which must be finalized by the country's Supreme National Security Council, Ms. Hatzimanoli said that "the developments are rapid and without a doubt very worrying with global implications."
"A possible closure of the Strait of Hormuz, one of the important strategic routes for international energy trade, will undoubtedly have ripple and immediate effects," he noted, adding that the first effects will concern the increase in fuel prices, the increase in the cost of ship insurance, while supply chains and transport in general will be affected.
The Republic of Cyprus, he stressed, is closely monitoring developments and continuously evaluating all data.
He indicated that the Deputy Ministry of Shipping has already issued specific instructions, on June 17, 2025, with a relevant circular, to the shipping community, for Cypriot ships sailing in the area, "which we are constantly monitoring."
"We hope that a de-escalation of the entire situation will be achieved," the Deputy Minister of Shipping concluded in her statement.
Source: KYPE
