The escalation of the military conflict in the Middle East and the long-term blockade of the strategic Strait of Hormuz have caused serious damage to maritime vessels, transported cargo, and regional port infrastructure.
According to sea-news.az this was stated in an analytical report published by the global insurance giant “Allianz”.
Scale of Assets Stranded in the Gulf
Based on official statistics as of June 15 of this year, the report estimates the scale of maritime assets remaining in the military crisis zone as follows:
- Number of vessels: Approximately 1,150 cargo vessels with a gross tonnage of more than 100 GT (gross tonnage) remained stranded in the Persian Gulf aquatory.
- Total tonnage: The total capacity of this stranded fleet amounted to 29 million GT.
- Material value: The total market value of the vessels in question and the cargo onboard is estimated at approximately 125 billion dollars.
Sharp Increase in Insurance Payouts
Allianz specialists note that during the period of military operations, damage to container ships and crude oil tankers subjected to intensive missile and drone (UAV) attacks in the region generated massive compensation payouts for insurers under marine insurance contracts. As a result of the attacks, severe, irreparable damage was inflicted not only on the hulls of the vessels but also on the commercial cargo being transported.
Experts emphasize that despite the high military-tactical risks that arose, international marine insurers continued to support the global shipping industry by maintaining insurance coverage. However, this process was accompanied by a significant increase in the cost of insurance premium principles for ship hulls (hull and machinery) and cargo.
The document states: “Currently, the primary financial problem for shipowners is not insurance costs, but rather the direct safety of the crew and the physical destruction risks posed to the vessels themselves when transiting through the armed conflict zone.”
The report concludes by noting that even after the freedom of shipping through the Strait of Hormuz is fully restored following the diplomatic agreements between the US and Iran, the creation of long-term and reliable international safety guarantees is an absolute prerequisite for the stable operation of maritime transport.
