Marina Hadjimanolis: A Strait of Hormuz closure would undoubtedly have ripple and immediate effects

15:06 - 23 June 2025

Economy

An increase in fuel prices, ship insurance costs, and an impact on the supply chain and transportation in general is expected to result in a possible closure of the Strait of Hormuz by Iran, Deputy Minister of Shipping Marina Hadjimanolis has said.

Asked to comment on the Iranian Parliament's decision, which must be finalised by the country's Supreme National Security Council, Hadjimanolis told CNA that "the developments are rapid and without a doubt very worrying with global implications."

"A possible closure of the Strait of Hormuz, one of the important strategic routes for international energy trade, will undoubtedly have ripple and immediate effects," she noted, adding that the first effects will concern an increase in fuel prices, and an increase in the cost of ship insurance, while supply chains and transport in general will be affected.

The Republic of Cyprus, Hadjimanolis stressed, is closely monitoring developments and continuously evaluating all data.

She indicated that the Deputy Ministry of Shipping had already issued specific instructions in a relevant circular to the shipping community on 17 June, 2025, related to Cypriot ships sailing in the area and, "which we are constantly monitoring."

"We hope that a de-escalation of the entire situation will be achieved," the Deputy Minister of Shipping concluded in her statement.

(Sources: CNA, InBusinessNews)

Marina Hadjimanolis: A Strait of Hormuz closure would undoubtedly have ripple and immediate effects

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