The escalation of the conflict in the Middle East and the blockade of the Strait of Hormuz have caused significant damage to vessels, cargo, and port infrastructure.
According to sea-news.az this was stated in a report by the “Allianz” insurance company.
As of June 15 of this year, there were approximately 1,150 cargo vessels with a gross tonnage (GT) of more than 100 GT in the Persian Gulf aquatory. Their total capacity amounted to 29 million GT, while the aggregate value of the vessels and the cargo they carried was estimated at approximately 125 billion dollars.
According to Allianz, insurers are facing significant payouts under marine insurance contracts due to damage to container ships and oil tankers that were subjected to missile and drone attacks in the region. Severe damage was also inflicted upon the transported cargo.
“Despite the conflict, marine insurers have continued to support the shipping industry by maintaining insurance coverage, although the insurance value of ship hulls and cargo has significantly increased. However, the primary concern for shipowners has not been insurance matters, but rather the risks posed to the crew and the vessels themselves when transiting through the armed conflict zone,” the report stated.
It was noted that even after shipping through Hormuz is fully restored, reliable international safety guarantees will be required.
