Hapag-Lloyd expressed cautious optimism on Wednesday about the prospects of resuming shipping in the Strait of Hormuz after a?two-week 'ceasefire' agreed by?the U.S.?and Iran. However, it said that normal traffic across its entire network would not resume for at least six to eight weeks.

In a phone call with customers, CEO Rolf Habben Jansen reiterated the cautious remarks made by Maersk, a container-shipping peer, that more assurances about security were needed.

Hapag's CEO stated that "even if a ceasefire was agreed over night, it is fair to say that the conflict in the Middle East still severely disrupts shipping and supply chains", adding that the current situation was "fluid".

He warned that the German company might have to pass on some of these costs to their customers. This was an increase from the $40-$50m?stated earlier.

He said that around '1,000 ships are still stuck in the area, six of them?from his own company?with combined capacity of about 25,000 standard container. (Reporting and writing by Elke Ahlswede and Ludwig Burger, editing by Madeline Chambers).

(source: Reuters)