War risk premiums for a single tanker voyage have reportedly seen a 15- to 30-fold increase
The US-Israeli war with Iran has made the Strait of Hormuz the world’s most expensive waterway for shipping, as it has triggered a massive surge in war risk insurance premiums, according to Euronews.
Before the US-Israeli war on Iran, the Strait of Hormuz handled roughly 20% of the world’s seaborne crude oil. Now, Iranian retaliatory attacks on tankers, and Western insurers and shipping firms pulling back, have brought maritime traffic to a virtual halt.
Before the crisis, war risk insurance for a Gulf tanker was 0.02-0.05% of its value. Since February…
Read the full article at RT.COM
