Tag: oil tanker attack

Insurance Rates Have ‘Increased 10-Fold’ After Attacks in the Strait of Hormuz

Ship tanker oil or gas LPG parking on the sea waiting for unload to refinery.

Insurance rates for tankers transiting through the world’s most important oil choke point have skyrocketed in recent weeks, according to the CEO of a U.S.-listed shipping company. Six oil tankers and a U.S. spy drone have been attacked since May either in, or near, the Strait of Hormuz — a strategically important waterway which separates… Continue reading Insurance Rates Have ‘Increased 10-Fold’ After Attacks in the Strait of Hormuz

Cargo Insurers Can Face Up to $65M in Exposure Value for Gulf of Oman Attack

A fully stocked cargo ship heading out to sea.

The tankers were attacked in the Gulf of Oman, which is located near the Strait of Hormuz, a vital shipping route for global trade. More than a fifth of global oil demand passes through the Strait or 16.8 million barrels per day according to Lloyd’s List. According to Russell Group analysis, there are over 67,533… Continue reading Cargo Insurers Can Face Up to $65M in Exposure Value for Gulf of Oman Attack