Premiums soar for Mid-East transits as Iran reacts to death of leader

War risk insurers were reported by the Financial Times to have submitted cancellation notices for policies covering ships moving through Hormuz, citing unnamed insurance brokers. Prices set to rise as much as 50% in the coming days, with the insurance cost for a $100m vessel, set to increase from $250,000 to $375,000 per voyage. Dylan…

Skuld issues notice of cancellation of War Risk Cover

Norway-based marine insurer Skuld said that it was following closely the concerning developments in Iran and the wider Arabian/Persian Gulf, which had resulted in “a materially heightened level of geopolitical and operational uncertainty”. Skuld said that it was “already evident that reinsurers’ appetite for war‑risk exposure is tightening, and in practical terms, it will result…

Iran conflict: What does it mean for oil?

One of the best-known percentages in the global oil sector is that 20% of the world’s crude passes through the Strait of Hormuz. Therefore any global events that impact that traffic are likely to have wide-ranging effects on the supply of oil globally and the movements of tankers. Rob Bousso, Reuters’ energy columnist, said that…

Kpler data shows tankers have turned around in the Persian Gulf region

Four VLCCs appeared to have diverted the area in the hours after the Israeli-US attacks on Iran: Orbiter (IMO 9876438), Universal Victor (IMO 9837638), Mitake (IMO 9607863) and Trikwong Venture (IMO 9534858), reported Kpler. All the tankers were in ballast. Collectively the tankers represent 1.1m tonnes (8m barrels) of crude that was scheduled to be…

CMA CGM suspends traffic through Suez Canal

France-based container shipping major CMA CGM said on Saturday that “considering the evolving security situation in the Middle East and the restrictions on maritime traffic through the Strait of Hormuz, CMA CGM reiterates that the safety and security of its crew remain its foremost priority”. As a result the shipping line has decided that: All…