War risk premium in the Strait of Hormuz rises to "up to 10%," the highest since the current round of conflict began

Glonghui, July 21 – According to several sources in the shipping market, after continued attacks on merchant vessels over the weekend, the war risk insurance premium for vessels transiting the Strait of Hormuz has surged to as high as 10% of the ship's value, reaching its highest level since the start of the current conflict. On Monday, one insurance source stated that the war risk insurance premium for navigation through the Strait of Hormuz has risen to 8%-10%, while two other insurance sources indicated that the rate has increased to 10%. A broker also confirmed that the premium has reached 10%, with no claims discount, adding that this 10% premium is the highest level since the outbreak of the current conflict; another broker mentioned that the rate is about 7.5%. The second insurance source said that shipowners are “hesitating” to pay such a high transit insurance premium.