London marine insurers have been witnessing a decline in inquiries for journeys to transit the Strait of Hormuz, a trend that suggests growing caution from shipowners amidst escalating tensions between the US and Iran.
The cost of war-risk cover has reportedly increased, reflecting the heightened risks associated with navigating the strategic waterway. Shipowners are reassessing their risk profiles, and some are opting to reroute vessels or postpone journeys altogether, in an effort to mitigate potential losses.