The Lloyd’s Market Association (LMA), representing insurers in the London insurance market, has praised US efforts to ensure the safe transit of non-sanctioned vessels through the Strait of Hormuz, emphasizing that secure passage is crucial for global trade and economic stability, News.Az reports, citing foreign media.
Expert: Around 1,000 ships stalled near Hormuz Strait
REUTERS/Hamad I Mohammed/File Photo/File Photo(REUTERS/File Photo)
On Tuesday, President Donald Trump said the US Navy will protect ships in the Middle East "if necessary", as well as announcing he had ordered the United States Development Finance Corporation to provide risk insurance "at a very reasonable price for trade traveling through the Gulf.
Neil Roberts, LMA’s head of marine and aviation, tells BBC Verify that about 1,000 vessels - half of which are oil and gas tankers - remain in the Gulf and surrounding waters.
“Most ships remain anchored primarily due to the understandable concerns of shipowners and masters for the safety of their vessels and crew,” he says, adding that insurance cover “is and remains available”.
Since Sunday, Roberts says about 40 ships have transited the strait. Data from shipping analytics firm Kpler, shared on Wednesday, indicates traffic through the waterway is around 90% lower compared to the previous week.
By Ulviyya Salmanli
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