Kathmandu. Since the US-Iran ceasefire agreement, shipowners have been requesting maritime insurance brokers for transit insurance coverage along the Strait of Hormuz. <\/p>\n
After a weak two-week ceasefire announced on April 7, operators are looking to resume trips through the vital waterway. About one-fifth of the world’s oil and liquefied natural gas are transported through this route. <\/p>\n
David Smith, head of maritime at London-based broker McGill & Partners, said rising demand had led to a clear improvement in rates. Underwriters are already recognizing the ceasefire and lowering rates for certain risks. However, Hormuz is still considered a very high-risk area due to the escalating conflict. <\/p>\n
Shipowners are awaiting detailed security arrangements, technical protocols and full insurance terms from both the US and Iran before releasing the ships after the ceasefire. Iran maintains tight control. It is adding layers of uncertainty, such as requiring permits or tolls for certain transits. <\/p>\n
During the war, the war risk premium increased significantly. It has increased from a few percent of pre-war levels to 5-10 percent of the cost of haul per trip in peak conditions. As a result, many transits have become impractical. <\/p>\n
The ceasefire has brought some relief. Insurance companies and ship owners are on alert. Industry experts say the growing interest in raw cargo in the Middle East will be temporary until insurers clarify the terms and protocols. <\/p>\n
Hundreds of planes are on standby or stranded and their resumption is expected to happen sooner rather than later. This situation highlights the essential interplay between geopolitics, securities and marine insurance in the global energy trade. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Since the US-Iran ceasefire agreement, shipowners have been requesting maritime insurance brokers for transit insurance coverage along the Strait of Hormuz. After a weak two-week ceasefire announced on April 7, operators are looking to resume trips through the vital waterway. About one-fifth of the world’s oil and liquefied natural gas are transported through this […]<\/p>\n","protected":false},"author":16,"featured_media":292963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-295116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/295116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=295116"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/295116\/revisions"}],"predecessor-version":[{"id":295117,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/295116\/revisions\/295117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/292963"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=295116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=295116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=295116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}