War underwriters advise pause on Hormuz voyages after tanker attacks

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Renewed attacks on three tankers in the Strait of Hormuz have led some war underwriters to tell shipping companies to pause voyages while others review policy terms, industry sources said. The incidents prompted Washington to revoke a licence allowing Iran to sell oil and to launch strikes on Iranian targets, and the U.S. president said an interim agreement was over and further strikes were likely. War risk insurance rates for ships inside the Gulf moved toward 3% from 2%, adding significant daily costs, and the IMO urged avoiding sailings while crew safety cannot be assured.

War risk insurance costs rose toward 3% for Gulf sailings.