Cost of insuring vessels in Strait of Hormuz more than halves — FT

Strait of Hormuz developmentsCost of insuring vessels in Strait of Hormuz more than halves — FT War risk insurance premiums for vessels have dropped from around 5% to 2% of the ship’s value after accounting for discounts, according to the publicationLONDON, June 25. /TASS/. The cost of insuring vessels passing through the Strait of Hormuz has more than halved over the past six days amid the continued ceasefire between the US and Iran, the Financial Times (FT) newspaper reported. War risk insurance premiums for vessels have dropped from around 5% to 2% of the ship’s value after accounting for discounts, according to the publication. For large tankers, this translates to cost savings of hundreds of thousands of US dollars. Rates began to fall following the signing of a memorandum of understanding between Washington and Tehran last week, which provides for an immediate cessation of hostilities on all fronts, the newspaper said. Insurance costs have surged in recent months due to the threat of attacks on vessels in the Strait of Hormuz, reaching millions of dollars per week for some of the largest tankers. That said, sources speaking to the FT noted that insurers and shipowners remain cautious. The cost of cargo insurance against war risks remains virtually unchanged for now, while reports of potential sea mines continue to emerge regarding certain areas along routes through the Strait of Hormuz. 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