Insuring vessels to navigate the Strait of Hormuz remains possible, but the cost of coverage has increased sharply amid the ongoing military conflict with Iran, reports dh= Bloomberg.
The cost of insurance coverage has jumped to approximately 5% of the value of the vessel, which is five times the level seen in the early days of the war with Iran. This means that insuring an oil tanker worth $ 100 million now costs approximately $ 5 million.
Despite the high prices, the availability of coverage on the market shows that insurance remains affordable for the few vessels that dare to pass through this waterway.