31 Days
Source:
CNN Arabic
What the Shipping Insurance Market Looks Like for Transiting the Strait of Hormuz, Analysts Explain
The maritime insurance market is witnessing a sharp increase in insurance premiums for crossing the Strait of Hormuz due to escalating tensions between Iran, the United States, and Israel, following Iran's imposition of a blockade in response to previous strikes. Insurance rates have risen by up to 10% of the vessel's value compared to 0.25-0.5% before the escalation. This hike significantly raises the cost of passing a oil tanker valued at $100 million to $10 million. Insurance terms are changing rapidly, with prices being set only 3 to 6 hours before departure, due to the heightened risks and ongoing geopolitical developments.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)