Shipping company: The restoration of the Hormuz shipping network is back to normal and still needs 6 to 8 weeks.

The situation in the Middle East continues to severely disrupt shipping and supply chains, with about 1000 ships still trapped in the region, including 6 belonging to the Herbert Shipping Company. None of the company's ships have passed through the Strait of Hormuz. The crisis is resulting in an additional weekly cost of approximately $50-60 million. The company stated that they have no choice but to pass on some of these costs to customers. Despite the ceasefire news being positive, it will still take at least 6 to 8 weeks for our network to return to normal. While the market is eager to celebrate the ceasefire news, the actual situation on the ground remains full of uncertainties. Furthermore, it appears that many commercial ships are still cautious and reluctant to attempt passage through the Strait of Hormuz. We may only see the traffic increase from 6-7 ships per day to around 10-20 ships. Even so, this is far from the normal situation before the conflict, where approximately 120-130 ships passed through the strait daily. As of now, the ceasefire news is the best outcome the market can hope for in terms of seeking more relief time. However, it seems to be just aiming to buy time in anticipation of more positive news in the future. But until then, the risks will continue to exist.