Shippers Rush for Hormuz Insurance After Truce Deal, Broker Says

Shipowners are placing “huge volume requests” for insurance cover as they look to transit the Strait of Hormuz following the US-Iran ceasefire deal, according to broker McGill and Partners.

With the increased demand from the market also comes “a pronounced rate correction,” said David Smith, head of marine at the London-based firm. He added that despite the ceasefire agreement, “heightened war conditions still remain and the Strait of Hormuz is still classified as a very high risk area.”

The Strait of Hormuz remained largely blocked on Wednesday, as shipowners try to understand if they can safely transit the vital ...