/Agencia Reuters
Around 1,150 cargo ships, with an estimated value of vessels and freight of $125 billion (with up to 20,000 crew members), are waiting to resume their operations in the Persian Gulf after the war in Iran closed the Strait of Hormuz, according to Allianz Research.
“Even if the agreement between the United States and Iran holds and the Strait of Hormuz is properly reopened, solid guarantees of safe passage involving the international community will be required, particularly if traffic is to return to its pre-war levels of up to 140 ships per day,” said the Munich-based insurance group.
Specifically, about 1,150 cargo ships, with a volume of 29 million gross tonnage (GT), are awaiting the full resumption of operations in the Persian Gulf following the closure of the Strait of Hormuz due to the conflict with Iran.
Although marine insurance coverage has remained available throughout the conflict through the payment of higher premiums, Allianz’s analysis highlights that the financial factor has not been the main deterrent for shipping companies.
The real concern for shipowners has focused on the extreme physical risks to crews and the structures of the vessels themselves when transiting through an active war zone.
For maritime traffic to recover pre-conflict levels, which reached up to 140 ships per day, the international firm warns that the validity of the interim pact between Washington and Tehran will not be enough.
Full normalization of the route will require the support of the international community through the implementation of solid safe passage guarantees that reduce the perception of danger in the region.
