
About 1,000 ships worth more than $25 billion are stranded or waiting in the Persian Gulf and surrounding waters, as a result of the severe disruption to maritime trade due to the war in Iran and the blockade of the Strait of Hormuz.
Sheila Cameron, chief executive of Lloyd's Market Association, confirmed that about half of these ships are oil and gas tankers, with a combined value exceeding $25 billion. According to data cited by Cameron, at least 40 ship transits have occurred through the Strait of Hormuz since Sunday. This marks a sharp drop compared to the 116 ships that were reported to have passed through on Saturday, the day the first joint US-Israeli strikes on Iran began.
Iran has said it has closed the strait in retaliation for the attacks, warning that any ship attempting to pass through will be attacked. This has caused most shipping companies to suspend operations in the area, leading to war risk insurance cancellations or large premium increases, and major disruptions to global oil and gas supplies, with around 20% of world trade passing through this point.
However, the London insurance market has expressed a willingness to provide cover for ships wishing to transit the strait if shipowners consider it safe for the crew and the vessel. Lloyd's is also working with the US government on possible insurance and protection plans to resume traffic.
US President Donald Trump has signaled the possibility of escorting ships by the US Navy to resume safe transits.
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