Strait of Hormuz Blockade, Approximately 170 Container Ships Trapped! War Risk Insurance Underwriters Withdraw on a Large Scale

Late at night on March 2, local time, a senior advisor to the Commander-in-Chief of Iran's Revolutionary Guard Corps stated that the Strait of Hormuz has been completely closed and warned that any vessel attempting to pass through the Strait of Hormuz will be attacked.

This is the clearest threat to shipping in the Strait of Hormuz issued by the Iranian Revolutionary Guard Corps since they informed vessels on February 28 that the export route of the Strait of Hormuz was closed.

According to Clarkson Research, as of last night, 3,200 vessels were still stranded in the Gulf, equivalent to 4% of global tonnage.

Among the ships trapped in the Persian Gulf,

approximately 170 are container ships,

totaling 450,000 TEU, accounting for 1.4% of global capacity.

Container ships with larger capacities among the trapped vessels include:

· "CMA CGM Everglade": capacity 15,254 TEU, currently located offshore Doha Port;

· "MSC Grace": capacity 16,000 TEU, currently located offshore Jebel Ali Port;

· "MSC Francesca": capacity 11,660 TEU, currently located offshore Doha Port.

After the closure of the Strait of Hormuz, the number of vessels passing through the waterway has seen a cliff-like decline, and the actual traffic volume has now approached zero.

The following is information on some known container ships stranded in the Persian Gulf, including ship name, IMO number, current status, port of waiting, and next destination port.

In addition, several member associations under the International Group of P&I Clubs (IG) have issued notices canceling war risk coverage for voyages in Iranian and surrounding Gulf waters.

It is reported that war risk insurers are canceling previously arranged insurance for future passage through the strait, transferring all risks of this short voyage to shipowners.

This decision indicates that P&I clubs and insurance companies believe that the uncertainty caused by Iran's related attacks is so great that a reasonable rate cannot currently be determined.

The withdrawal of war risk coverage will take effect on March 5, covering Iran and Iranian waters, the Persian Gulf, the Strait of Hormuz, the Gulf of Oman, and other areas.

Associations issuing the cancellation notices include: Gard, Skuld, NorthStandard, The Standard Club, American Steamship Owners Mutual Protection and Indemnity Association, and Steamship Mutual.

Article Source: Weiyun.com