Some war underwriters have advised shipping companies to pause voyages through the strait while others are reviewing their policy terms after the renewed vessel attacks, insurance industry sources told Reuters.
“The Hormuz reopening story looks more fragile after the latest escalation,” ship broker Clarksons said in a report.
One of the three vessels hit this week, the Marshall Islands-flagged Qatari LNG tanker Al Rekayyat, remains stranded and awaiting salvage operations off Oman after a projectile strike late on Tuesday sparked a fire in its engine room.
Despite earlier fears of an explosion, industry sources said that risk was low for now and its cargo of liquefied natural gas appeared secure.
The ship registry of the Marshall Islands, one of the world’s top flag states, told Reuters there were no reported injuries or environmental impacts as a result of the incident involving the Al Rekayyat.
“As recent incidents have shown, the (marine war) market is now facing the prospect of potentially severe losses involving vessels of substantial value,” said one marine war underwriter, who asked not to be named due to the sensitivity of the situation.
Reporting by Jonathan Saul, additional reporting by Florence Tan; Editing by Joe Bavier
