6 Hrs
Source:
CNN Arabic
Risks in crossing the Strait of Hormuz
The Strait of Hormuz is currently experiencing multiple escalations and threats that impact the movement of ships and the world's most important waterway. Iran has announced that it has planted mines in the waterway, making navigation through the area highly dangerous, despite some ships still passing through the route they used before the conflict. There are two main routes: one that the International Maritime Organization has committed to, but Iran has rejected; and another that Iran uses and imposes fees on through the Gulf of Farsi Transit Authority, which has led to US sanctions against it. Additionally, some ships are turning to unknown routes to avoid risks, increasing the likelihood of accidents and causing a rise in maritime insurance costs, which currently range between 7.5% and 10% of the vessel’s value, compared to just 0.25% before the conflict.
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