FacebookTwitterEmailLinkedin According to GMS’ latest ship recycling report, a tentative US–Iran agreement to extend the ceasefire and begin reopening the Strait of Hormuz has emerged alongside ongoing regional tensions, mixed signals in oil, freight and currency markets, and continued subdued ship recycling activity. The seven-week wait for a reopening signal has produced its deal. The United States and Iran reached a tentative agreement on May 28 to extend the April 8 ceasefire by 60 days and to begin de-mining and reopening the Strait of Hormuz, with President Trump describing the framework on May 23 as “largely negotiated, subject to finalization” between Washington, Tehran, and “various other Countries.” Pakistani and Qatari negotiators held the decisive talks with Tehran while in contact with US envoy Steve Witkoff. RelatedNews Greece’s maritime employment continues upward trajectory INTERCARGO: 17 bulk carriers lost between 2016 and 2025 var jnews_module_21374397_0_6a27e5055e2d2 = {"header_icon":"","first_title":"Related","second_title":"News","url":"","header_type":"heading_8","header_background":"","header_secondary_background":"","header_text_color":"","header_line_color":"","header_accent_color":"","header_filter_category":"","header_filter_author":"","header_filter_tag":"","header_filter_cpt_post_tag":"","header_filter_cpt_tribe_events_cat":"","header_filter_cpt_web_story_category":"","header_filter_cpt_web_story_tag":"","header_filter_text":"All","sticky_post":false,"sticky_post_filter":false,"post_type":"post","content_type":"all","sponsor":false,"number_post":"2","post_offset":0,"unique_content":"unique1","include_post":"","included_only":false,"exclude_post":"21374397","include_category":"","exclude_category":"","include_author":"","include_tag":"1974,568,1573,1582","exclude_tag":"","exclude_visited_post":false,"post_tag":"","tribe_events_cat":"","web_story_category":"","web_story_tag":"","sort_by":"latest","show_date":"","date_format":"default","dat