The cost of insuring a ship sailing through the Strait of Hormuz has soared 12-fold, even after Donald Trump vowed to backstop trade through the key oil chokepoint.
Shipowners have been quoted millions of dollars for cover to cross the Strait or sail in nearby high-risk waters, brokers said, as premiums jumped as high as 3 per cent of the cost of a ship on Wednesday, up from about 0.25 per cent before the war.
The US president said on Truth Social that the US Development Finance Corporation would provide insurance and guarantees “at a very reasonable price . . . for the Financial Security of ALL Maritime Trade, especially energy, traveling through the Gulf”.