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shipping insurance

Marine war-risk insurance is typically priced on a rolling assessment of regional risk, reviewed far more frequently than standard hull or cargo cover. As incidents accumulate near Hormuz, insurers are adjusting premiums for vessels transiting the strait, and in some cases narrowing the routes or conditions under which they will offer cover at all. Those costs flow through to shipping rates, and from there into the price of the oil and gas that continues to move through the passage.

  • A second LNG tanker carrying Qatari cargo reportedly struck an object near Hormuz, following an earlier incident.
  • The UK maritime security agency logged a separate incident in north-east Oman waters.
  • Force majeure declarations have widened across multiple shipping operators active in the strait.
  • Roughly one-fifth of global oil consumption normally transits Hormuz on any given day.

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