According to several shipping market sources, the war insurance rate for ships crossing the Strait of Hormuz has reached 10% of the ship's value after the ongoing attacks on merchant ships over the weekend, the highest level since the current round of clashes. An insurance source said on Monday that the war insurance rate for navigation through the Strait of Hormuz had been raised to 8%-10%, while two other underwriting sources said the rate had been raised to 10%. A brokerage source also confirmed that the rate had reached 10%, plus no-compensation benefits, and claimed that the rate of up to 10% was the highest level since the outbreak of this round of conflict; another brokerage source said the rate was about 7.5%. A second underwriting source said that shipowners were “reluctant” to pay such high transit premiums.

According to several shipping market sources, the war insurance rate for ships crossing the Strait of Hormuz has reached 10% of the ship's value after the ongoing attacks on merchant ships over the weekend, the highest level since the current round of clashes. An insurance source said on Monday that the war insurance rate for navigation through the Strait of Hormuz had been raised to 8%-10%, while two other underwriting sources said the rate had been raised to 10%. A brokerage source also confirmed that the rate had reached 10%, plus no-compensation benefits, and claimed that the rate of up to 10% was the highest level since the outbreak of this round of conflict; another brokerage source said the rate was about 7.5%. A second underwriting source said that shipowners were “reluctant” to pay such high transit premiums.