How shipping insurance rates are rising, as Hormuz, Bab al-Mandeb shut down
These have now increased to between 7.5 and 10 percent of hull value.The report said that on Wednesday, the market cost was $77.96 per metric tonne of crude oil to ship a 270,000 metric tonne cargo from the Gulf to China, and this price has remained stable since Monday. Before Monday, the price had been $73.80 per metric tonne.The current rate is four times the five-year average rate of $18.91 per metric tonne. The rate was at its peak in March at about $140 per metric tonne, when the conflict was at its peak.
- ▪These have now increased to between 7.5 and 10 percent of hull value.The report said that on Wednesday, the market cost was $77.96 per metric tonne of crude oil to ship a 270,000 metric tonne cargo from the Gulf to China, and this price has
- ▪Before Monday, the price had been $73.80 per metric tonne.The current rate is four times the five-year average rate of $18.91 per metric tonne.
- ▪The rate was at its peak in March at about $140 per metric tonne, when the conflict was at its peak.
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EXPLAINEREconomy|US-Israel war on IranHow shipping insurance rates are rising, as Hormuz, Bab al-Mandeb shut downInsurance rates through Hormuz are currently four times the five-year average.ListenListen (6 mins)SaveClick here to share on social mediashare-nodesSharefacebookxwhatsapp-strokecopylinkgoogleAdd Al Jazeera on Googleinfoplay videoplay videoVideo Duration 01 minutes 56 seconds play-arrow01:56Thai sailors sue ship owners over deadly Strait of Hormuz attackPublished On 23 Jul 202623 Jul 2026Maritime insurance prices have soared amid shipping disruptions in the Strait of Hormuz and are also rising for vessels traversing the Bab al-Mandeb, with both waterways – critical channels for the global economy – now theatres of war.Yemen’s Iran-aligned Houthi group announced a blockade of…
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