Shipping companies remain reluctant to transit the Strait of Hormuz, despite guarantees from President Donald Trump that the U.S. Navy would guide trapped ships out of the waterway.

President Donald Trump first announced what he dubbed "Project Freedom" on May 3, billing it as an initiative to have the U.S. escort ships stranded in the Strait of Hormuz, which remains blockaded by both Iran and the U.S. However, Trump provided few specifics regarding the scope of the plan, or even how exactly it would work in practice, leaving shipping companies skeptical of its viability.

"It is unclear whether 'Project Freedom' is sustainable in the longer run or whether it will be a limited operation to get some of the trapped ships out," BIMCO chief safety and security officer Jakob Larsen said in a May 4 statement.

Larsen went on to reiterate that no formalized details or guidance has been offered to the shipping industry from the Trump administration, and that without coordination with Iran's military, "there is a risk of hostilities breaking out again if 'Project Freedom' goes ahead." Other shipping companies shared similar opinions, with ocean carrier Hapag-Lloyd telling The New York Times that its risk assessment for the strait remains unchanged, and that it doesn't plan to resume transiting the waterway despite Trump's announcement.

In the meantime, hundreds of tankers and cargo ships remain stranded in the Strait of Hormuz, with Iran having repeatedly insisted that any plan to reopen the waterway would need to include stipulations allowing it to charge transit fees. Roughly three to five ships have been passing through the strait daily, primarily on routes that hug Iran's coastline.