War-risk hull premiums for a Strait of Hormuz transit surged to 3–10% of insured value, up from a fraction of 1% before February 2026; for a $100 million tanker that means a single-voyage premium of up to $10 million. Three vessels were attacked in the Strait in early July, including a Qatari-flagged LNG carrier, and the daily transit count fell as low as six ships. The Lloyd’s Market Association states that war risk cover remains available in London, while a US government-backed reinsurance facility led by Chubb offers up to $40 billion in revolving cover for hull, cargo and liability. A 22-page advisory from BIMCO, ICS, INTERTANKO and others warns that even a technically open Strait may be unsafe, citing kinetic threats, mines, drones, GPS spoofing and congestion.
Context
The report quantifies the lowest daily transit count at six ships and the war-risk premium range at 3–10%, after earlier reporting of single-digit transits and JMIC’s assessment that the southern route remained open.
