Hormuz big news: US convoy escorts 70 ships through in 3 days, strait navigation volume far below pre-conflict levels! Industry: insurance premiums still 20 times normal level.

A notice released by the UK Maritime Trade Operations Office on the 5th shows that within 72 hours from July 2 to 4, a total of 70 merchant ships escorted by the US through the Strait of Hormuz, with the shipping volume far below the pre-conflict daily average of 138 vessels.

According to comprehensive data from multiple maritime monitoring agencies, commercial shipping in the Strait of Hormuz is gradually recovering, but transport capacity, shipping efficiency, and market confidence have not yet returned to pre-conflict levels.

Observers analyze that high shipping risks, rising insurance costs, and disagreements among parties over navigation rules mean that the normalization of passage through the strait still faces multiple challenges.

After the US and Iran reached a phased ceasefire arrangement, oil transport through the Strait of Hormuz has gradually resumed. Oil-producing countries in the Gulf region, such as Saudi Arabia, Kuwait, and the UAE, have begun to increase exports, improving market supply. However, industry insiders point out that although the strait has achieved "technical opening," a large number of vessels still need to pass through designated shipping lanes and safety arrangements, and insurance costs remain high, leading some shipping companies to take a cautious stance, with the speed of shipping recovery significantly slower than expected.

Industry insiders analyze that after the phased ceasefire, war-related insurance costs have dropped from a peak of 5% to 10% of the vessel's value to about 2%, but in normal years, such insurance accounts for less than 0.1% of the vessel's value. That is to say, the current level is still 20 times the normal premium.

In addition to security risks, the future navigation rules of the Strait of Hormuz are also a focus of attention for all parties:

On one hand, Iran has recently stated multiple times that it will manage strait navigation with new requirements and may impose related fees;

On the other hand, the international shipping industry has always considered the Strait of Hormuz an international waterway and should not be subject to additional restrictions.

Currently, the US and Iran are still advancing negotiations, but there remain significant differences over the management of the Strait of Hormuz and subsequent shipping arrangements.

In the future, the degree of recovery in strait transport will continue to be influenced by multiple factors, including the regional security situation, the risk appetite of shipping companies, and progress in related negotiations between the US and Iran.

Source of this article: National Business Daily

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