According to the British 'Financial Times', an assessment report released by Allianz on the 24th quantified for the chain of losses caused by the blockade of the Strait of Hormuz for the first time. Data shows that the blockade has stranded more than 1,200 cargo ships, with the goods carried on these ships estimated at approximately $125 billion, highlighting the vulnerability of global trade in the face of a few key maritime bottlenecks.
Before the conflict erupted, about 135 ships passed through this strait every day. One-fifth of the world's oil is typically transported via this route. During the blockade, the international energy market underwent significant fluctuations, with international oil prices reaching as high as $100 per barrel. Data from the International Maritime Organization shows that more than 40 ships were attacked by missiles and drones, resulting in the deaths of 14 crew members. The majority of the affected ships were oil tankers.
This maritime blockade has been defined by Allianz as an “unprecedented shipping crisis,” which has caused “concerns among various sectors about the future of global maritime trade.” Justus Heinrich, head of underwriting at Allianz Maritime Insurance, said in an interview with the Financial Times that the blockade of the Strait of Hormuz has completely changed the insurance industry’s perception of the risks associated with key maritime routes.
"In the past, we have always been discussing simulated scenarios of all kinds of extreme disasters. Now, such real disaster scenarios are right in front of us. This allows us to change our understanding of operational risk from "theoretically possible" to firsthand experience." Heinz said.
On the 23rd, Ali Bakhraini, Iran's permanent representative to the United Nations in Geneva, stated that the Hormuz Strait is now fully open to commercial ships, and no fees are charged.
Currently, the traffic through the Strait has shown a significant increase. According to Lloyd’s List Intelligence data, in the week ending June 21, the number of ships departing from the Gulf increased to 69, far higher than the 24 ships in the previous week. This represents the highest single-week traffic since the conflict began.
Recently, a large number of ships were trapped in the Hormuz Strait, AFP reported.
According to reports, although an increasing number of ships are gradually returning to their routes, both shipping and logistics companies say that alternative routes that use ports along the Oman Gulf or Red Sea, or those that enter the Gulf by land, will become longer-term fixed options in the future.
Several senior executives of shipping companies said that after Iran demonstrated its ability to control the Strait of Hormuz, they are likely to increase investment in alternative transportation routes for the Gulf.
Michael Aldwell, Vice President of Maritime Logistics at DHL, the world's largest freight forwarding company, revealed that DHL estimates there are still about 300,000 standard containers stranded in the Gulf region. The land transportation in this area is “under tremendous pressure”.
He also stated that the proportion of perishable goods exported from the Middle East is not high. Therefore, most of the detained goods remain on the ships or have been unloaded at local ports.
Allianz Maritime Risk Consulting Manager Rahul Khanna stated that the company has already received claims for damages caused by drones or missiles attacks on ships involved in conflicts. In the future, there may also be claims related to spoilage of goods such as pharmaceuticals and frozen food.
The report also indicates that there are still 20,000 crew members stranded on the relevant ships. At the same time, the phenomenon of “crew abandonment” (shipowners failing to pay wages or provide basic supplies) has increased for six consecutive years, with the number of affected people reaching a record high of over 6,000.
The report also states: "In a context where automation and green transitions drive a continuous increase in the demand for skilled workers, the shipping industry will have difficulty retaining and recruiting enough crew members. This, in turn, threatens the industry's resilience and the stability of global supply chains."
Regarding the issue of personnel evacuation, the International Maritime Organization estimated on the 23rd that currently there are 11,000 crew members who wish to leave the Gulf region. The organization has established a evacuation route in conjunction with Oman to assist ships stranded in the area to leave the region in an orderly manner.
