Chain Reaction Risks from Potential Closure of Strait of Hormuz

The Deputy Minister of Shipping, Marina Hatzimanoli, warned of potential chain reactions if Iran closes the Strait of Hormuz. These effects are expected to include increases in fuel prices, ship insurance costs, and a general impact on the supply and transport chain.

Commenting on the decision of the Iranian Parliament, which is pending finalization by the Supreme National Security Council, Hatzimanoli described the developments as "rapid and undoubtedly very worrying with global implications."

The Deputy Minister of Shipping stressed that a possible closure of the Strait of Hormuz, a critical route for international energy trade, would have immediate effects, starting with rising fuel prices and ship insurance costs, as well as impacts on supply chains and transport.

The Republic of Cyprus, she said, is closely monitoring developments and continuously evaluating the data. The Deputy Ministry of Shipping has already issued instructions to the shipping community on June 17, 2025, through a relevant circular, for Cypriot ships sailing in the area, which it continuously monitors.

"We hope that a de-escalation of the whole situation will be achieved," said the Deputy Minister of Shipping.