New Delhi, June 16 -- The proposed peace agreement between the US and Iran to reopen the Strait of Hormuz may have sparked optimism across the global trade and energy markets, but major shipping companies are reluctant to restore normal operations immediately, underscoring lingering concerns over maritime security in one of the world's most strategic waterways.

Industry executives said that while the agreement could eventually normalize vessel movement through the Gulf and sharply reduce freight and insurance costs, shipping lines, insurers and charterers are likely to wait for detailed security assurances before resuming regular services. The peace agreement is to be signed on Friday.

Japan's Mitsui O.S.K. Lines (MOL), which has 13 Ind...