Several major market sources said that the additional premiums offered for ships transiting the Strait of Hormuz have risen this week following several attacks on commercial vessels and US President Donald Trump's declaration of the "end" of the ceasefire.

Seven major marine insurance market sources indicated in a survey that the additional premiums for transiting the Strait of Hormuz currently range between one and five percent of the ship's value.

One insurance industry source said that the insurance rates for crossing the strait will be at least 5%, and two other industry sources reported that the rates have risen to 5%, while a third source indicated that the rates will rise to between 4% and 5% with a 50% no-claims discount if attacks continue, according to "Reuters".

One of these sources said that these additional premiums have risen from the agreed rate of about 2% before the events of recent days, and another source said that prices ranged last week between 2.5% and 3%, and remain within that range.

The price increases, or potential increases, indicated by most sources come after the collapse of the temporary ceasefire agreement between the United States and Iran.

Ad material

Ad material