It’s happening…19 Jun 2025 15:18
Tanker rates for the route via the Strait of Hormuz have doubled since Israel started bombing Iran last Friday, the Financial Times has reported, citing shipowners growing reluctance to sail through the chokepoint.
The daily rate for a very large crude carrier chartered from the Gulf of China, for instance, has jumped from $19,998 last Thursday to over $47,600 this week, the publication noted, citing figures from Clarksons Research, a maritime analysis provider.
The insurance sector is responding to the situation as well, raising premiums for vessels traversing the Strait of Hormuz by as much as 60%, the FT again reported this week. With the new prices, the insurance of a $100-million ship has jumped from $125,000 to $200,000, the FT said.
“We’ve not yet seen a missile fired at a ship in the Arabian Gulf, so what it represents is the market saying, look, there’s definitely a heightened level of concern about the safety of shipping in the region,” the global head of marine and cargo insurance at Marsh McLennan, Marcus Baker, told the FT.