Overview
- Seven of the 12 International Group P&I clubs will cancel war-risk cover for vessels entering the Persian Gulf starting at midnight London time on March 5, with some notices taking effect 72 hours after 00:00 GMT on March 2.
- The cancellations apply to the Persian/Arabian Gulf, the Gulf of Oman, and waters west from Oman’s Cape al-Hadd toward the Iran–Pakistan border as defined in club notices.
- Gard, NorthStandard, Steamship Mutual, Skuld, the American Club, The Swedish Club, and the London P&I Club issued notices, specifying that only war-risk cover is withdrawn and other policy terms remain unchanged.
- Skuld warned of reinsurers withdrawing capacity at short notice, while brokers report war-risk premiums could jump about 50% and near-term marine hull rates could rise 25%–50%, lifting a VLCC’s single‑voyage cover to roughly $400,000 from about $250,000.
- UK Maritime Trade Operations reported vessels struck near the Strait of Hormuz and shipping slowdowns, while Brent crude jumped about 13% to $82 on supply concerns.