S&P: Hormuz Shipping Insurance Costs Surge as Tanker Attacks Intensify

According to Jin10, S&P Global Energy said shipping insurance costs in the Strait of Hormuz have surged as a new wave of tanker attacks has made underwriters less willing to provide coverage. Additional war-risk premiums have risen from 1% to 3% a few weeks ago to 7.5% to 10% of a vessel's hull value, while some tanker operators are staying outside the strait rather than risk passing through it. S&P said commercial activity also remained limited, with 10 ships passing through the Strait of Hormuz on Tuesday, compared with more than 130 a day before the Middle East war broke out.