Eight Taiwanese Vessels Stranded in Strait of Hormuz; Premier Cho Orders Ministerial Assistance

As conflict in the Middle East continues, the Ministry of Foreign Affairs reported that approximately 1,600 vessels worldwide are currently stranded in the Strait of Hormuz, including eight ships owned by Taiwanese operators. Premier Cho Jung-tai today instructed the Ministry of Transportation and Communications to maintain contact with foreign governments and Taiwanese enterprises through the Ministry of Foreign Affairs, clearly explaining assistance plans and schedules to help vessels resume normal navigation as quickly as possible. The Executive Yuan stated in a press release that Premier Cho chaired a ''Special Meeting on Livelihood Stability in Response to Middle East Conflicts'' today. Regarding the supply of critical raw materials, Cho noted that CPC Corporation''s ''New Third Naphtha Cracker'' is currently undergoing maintenance and is expected to resume supply on May 23. During this period, the Ministry of Economic Affairs will monitor the schedule and market demand, strengthening coordination with operators like Formosa Petrochemical to ensure overall stability. Furthermore, asphalt stocks of approximately 61,000 tons are sufficient until the end of July, and supplies of fertilizer, feed corn, and plastics remain stable. In terms of transportation, a taxi fuel discount measure is set to launch on May 20. Additionally, prices for highway buses, domestic shipping, and domestic aviation will be frozen for three months, with the government subsidizing the difference. The government has also absorbed some energy costs to stabilize oil prices, with CPC absorbing approximately NT3.2 billion as of May 3. The Ministry of Justice will continue to investigate price-fixing and illegal market behavior to maintain order.