Maritime insurers cancel war risk cover in Gulf as Iran conflict disrupts shipping

Strait of Hormuz is effectively closed and vessels rerouted, sending some freight costs surging

Leading maritime insurers have cancelled war risk cover for vessels operating in the Gulf as the escalating Iran conflict disrupted shipping and sent some freight costs surging.

At least 150 vessels including oil and liquefied natural gas tankers have dropped anchor in the strait of Hormuz and surrounding waters.