Around a thousand ships are currently idled in the Persian Gulf and the waters surrounding the Strait of Hormuz, as tensions in the Middle East rise and risks to maritime traffic increase.
According to insurance market data from Lloyd’s of London, cited by Reuters, approximately half of the vessels involved are oil or gas tankers. The total value of the naval assets alone, excluding cargo, exceeds $25 billion.
The issue of insurance is central: without coverage against war risks, many ships cannot enter areas considered dangerous, resulting in a blockage or slowdown in global energy trade.
The London marine insurance market has already expanded the Gulf area classified as “high risk,” a decision that will lead to higher insurance premiums for ships transiting the region.
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