8 minutes agoThe conflict increases the cost of crossing to Hormuz, providing ships with staggering numbers
Periskopi(an hour ago)
(an hour ago)Following the escalation of tensions in the Middle East and the blockade of the Hormuz Strait, the safety of passing ships in this area has become much more costly.
The London insurance market has reacted immediately, as the danger for ships passing through one of the world's most important maritime routes has increased significantly. War cases security police were cancelled and then returned at much higher prices.
According to insurance experts, the tariffs for ships passing through the Hormuz Strait rose from about 0.05-0.5% of the pre-crisis ship's value to 10% after the first attacks.
For an oil tank worth $100 million, that would mean a security cost of up to $10m for a trip. Currently, the tariffs have been lowered to about 109% of the ship's value, writes CNN,.
Some insurance companies are also offering bonus to ship owners who pass through the straits without incident, returning part of the pay.
Experts say insurance prices at Hormuz are changing almost every hour, depending on geopolitical developments. Due to uncertainty, insurers are seeking to decide the price of police only hours before shipping, while coverage is valid for only a few days before renegotiating. /Periscope/
