S&P: As attacks on oil tankers intensify, shipping insurance costs through the Strait of Hormuz surge

Golden Finance News reported that on July 23, a S&P Global Energy report said that, as a new round of tanker attacks has led underwriters to be even less willing to provide insurance, shipping insurance costs in the Strait of Hormuz have surged. Additional war-risk insurance premiums have risen from 1% to 3% a few weeks earlier to 7.5% to 10% of a vessel’s hull value, and some tanker operators are staying outside the strait rather than risking transit. According to S&P, commercial activity remains limited as well: on Tuesday, 10 vessels transited the Strait of Hormuz, compared with more than 130 transits per day before the outbreak of the war in the Middle East.
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