Leading maritime insurers have cancelled war risk coverage for vessels in the Persian Gulf following escalating Iran-Israel conflict and airstrikes that closed the Strait of Hormuz, a critical shipping route for 20% of global oil supplies. At least 150 vessels have anchored in the strait, shipping costs have surged with container rates doubling, and major shipping companies are rerouting around Africa.
Otto Beta
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Leading maritime insurers have cancelled war risk coverage for vessels in the Persian Gulf following escalating Iran-Israel conflict and airstrikes that closed the Strait of Hormuz, a critical shipping route for 20% of global oil supplies. At least 150 vessels have anchored in the strait, shipping costs have surged with container rates doubling, and major shipping companies are rerouting around Africa.