Renewed Tensions in Strait of Hormuz Drive Up Ship Insurance Costs

Insurance premiums for ships passing through the Strait of Hormuz and the Red Sea have increased, ranging between 2% and 6% of the vessel's value. This rise is due to escalating tensions between the United States and Iran, along with the resumption of Houthi attacks. Despite a decrease in transit requests and a slowdown in shipping activity, the market continues to experience high insurance costs, reflecting heightened security risks and their impact on transportation expenses and global oil and commodity prices.

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