‘The main requirement for recovery is stability and certainty for shipowners and insurers,’ says chief executive
The London Market Association (LMA) yesterday (19 June 2026) welcomed the deal signed between the USA and Iran to end hositilities, but has called for further clarity on practical steps necessary to support the resumption of shipping through the Strait of Hormuz.
US president Donald Trump and Iranian president Masoud Pezeshkian signed the peace document in France yesterday, ending the conflict that began on 28 February and agreeing to reopen the Strait of Hormuz, £224bn for Iran’s reconstruction and the ending of all sanctions on Iran.
The deal also specified that there will be no charges for ships transiting through the Strait of Hormuz for 60 days, with the intention to reach a permanent agreement before that time elapses.
However, in a joint statement, LMA chief executive Sheila Cameron and Neil Roberts, the association’s head of marine and aviation, said: ”Further clarifications will also be necessary with respect to longer-running issues impacting shipping, such as the extent to which the US, UK and EU will be lifting sanctions and designations with respect to Iran.”
The LMA statement also clarified that cooperation between Iran and the US with third parties, such as Oman, would be vital where the passage of vessels was concerned. Provision of mine clearance and emergency service support for any damaged vessels would also be necessary to support confidence, it added.
Stability and security
The peace deal has provided a degree of calm for international markets, but both the US and Iran have indicated that the resumption of conflict is possible if the terms of the agreement are not complied with.
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A previous ceasefire between the two nations was rocked by Israel’s continued conflict with Iran-allied Lebanese paramilitary group Hezbollah, which Iran said would remain a red line in this case.
Cameron added: ”The main requirement for recovery is stability and certainty for shipowners and insurers. The road to recovery in the Gulf will be a long and complicated one. It will take months for some sort of normality to return to international shipping with vessels in the wrong place and supply chains distorted, much in the same way that after a public transport strike it always takes time for complicated, detailed timetables to return to normal.
”The London insurance market remains open, as it has been over the last 110 days, and is committed to helping clients navigate this complex environment.
“The LMA will continue to support and represent the views of the market through this period.”
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