The closure of the strait is “unprecedented” and raises concerns about the future of global shipping, according to Allianz.
"Even if a deal between the US and Iran were to hold and the strait were to be fully opened, strong guarantees for safe passage would be required with international support, especially if traffic is to return to previous levels of up to 140 ships per day," Allianz writes in a new report.
At the same time, the insurance giant emphasizes that “the real problem” for shipowners during the conflict has been managing the risks to the crew and the ships, rather than insurance issues.
The Swedish shipping company is waiting.
In recent days, reports have claimed that some ships, both container ships and tankers, have begun sailing through the strait again - albeit at significantly lower levels compared to before the conflict broke out.
Among the 1,150 ships that Allianz says are stuck in the strait, Sweden's Stena Bulk has exposure. CEO Erik Hånell, who confirms that the shipping company has ships in the area, remains hesitant to weigh anchor.
"For now, we are waiting," he writes to TT.
“Dangerous precedent”
The conflict in the Strait of Hormuz could create ripples in the waters, Allianz warns.
“The closure of the Strait of Hormuz sets a dangerous precedent and raises questions about the long-term future of this and other critical bottlenecks,” said Rahul Khanna, head of marine risk advisory at Allianz.
Several players in the shipping industry tell the Financial Times that they are likely to invest more in alternative routes because Iran has now shown that it can control the Strait of Hormuz.
