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“The other thing that keeps you from sailing through the area is insurance. Is your insurance going to skyrocket? And that is a good possibility. So I'm watching the joint war committee over at Lloyd's Market Association.”
“So the standard war risk insurance to sail through the straight of Hormuz up until the other day was about 0.2%... But now the insurance has gone up to about 1%. And that is about a million dollar.”
“When the Red Sea happened, you got all of a sudden that war risk jump up jumped up to 1%. And so, hey, I'm paying a million dollars. Well, I if I go through the Red Sea, I got to pay a million dollars.”
“So, what's happening now? You're going from 0.15 to to 0.25% two 5% war risk insurance up to 1 to 3% war risk. So you're increasing that that pool and that's what's going on right now.”
“The ships were paying war risk insurance. They were paying anywhere from 0.15 to 0.25 the value of the ship. Now as of Monday with a meeting done by the joint war committee... they have raised that rate to 1 to 3%.”