Loading ...Dow CEO says clearing the Strait of Hormuz logjam will take almost a year
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Dow CEO Jim Fitterling said that clearing the Strait of Hormuz will likely take longer than investors expect.
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“Some scenario planning that we did said that even if the straits were to reopen today, just to clear the logistics logjam… is going to take 275 days, maybe more now,” he told Jim Cramer on CNBC’s “Mad Money” on Thursday.
“You’ve got to get empty ships back. We’ve got to clean out the strait and the Arabian Gulf. We’ve got to get empty ships back in,” said Fitterling, who is retiring on July 1 as Dow’s chief executive after an eight-year run. “This is not going to be in a month or two. This is going to be several quarters before you’re going to see things return to normal.”