Over 1,000 ships remain blocked in Persian Gulf crisis — Germany’s Allianz

Around 1,150 vessels remain unable to move in the Gulf despite a newly established framework agreement intended to end the Iran war, according to an analysis by German insurer Allianz, as reported by dpa.

Germany’s largest insurer estimates that the total value of the immobilised ships and their cargo is about $125 billion.

Even if conditions begin to stabilise, clearing this backlog would likely take several weeks, Allianz noted on Wednesday (June 24). “Shipping is a hostage to this conflict,” Justus Heinrich, a senior marine insurance expert at Allianz Commercial, said.

Although the United States and Iran agreed on a framework deal last week, maritime risk levels for shipping companies remain elevated. Over the weekend, Iran announced another closure of the Strait of Hormuz following renewed clashes between Israel and the Iranian-backed Hezbollah movement in Lebanon.

Heinrich stressed that maritime authorities and shipping operators still lack a clear understanding of the threats facing vessels and crews.

“The International Maritime Organization and German shipowners say they still cannot assess the danger to crews and ships,” he said. “As long as that remains the case, ships will not sail.”

He also noted Iran’s considerable leverage in the situation, pointing out that roughly 20% to 25% of global oil and liquefied natural gas trade flows through the Strait of Hormuz.

In addition, Heinrich highlighted the establishment of a new Iranian authority for the Gulf and the Strait of Hormuz, which he said is designed to supervise or certify insurance coverage for vessels passing through the waterway.

By Jeyhun Aghazada