Bloomberg: Marine insurance cost jumps 5-fold as the closure of the Strait of Hormuz continues

Exclusive Follow-ups – Al-Khabar Al-Yemeni:

The American agency Bloomberg has revealed an unprecedented jump in the cost of marine insurance for ships transiting the Gulf region and the Strait of Hormuz as the war on Iran continues.

The agency said that the insurance cost has risen to 5% of the ship’s value, equivalent to 5 times what it was in the early days of the war that began last February 28.

This adds new pressure on global supply chains and raises the cost of transporting oil and essential goods at a time when markets are experiencing unprecedented supply disruptions.

Iran has closed the Strait of Hormuz to navigation for countries participating in the aggression against it.

The US is trying to form an international coalition to escort ships through the Strait of Hormuz, but all its efforts have failed, as many companies prefer to negotiate safe passages with Iran rather than risk crossing the region without coordination.