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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Maritime insurers cancel war risk cover in Gulf as Iran conflict disrupts shipping

Gulf Iran Hormuz Beazley CMA CGM Jefferies Oil
Oil tankers pass through the strait of Hormuz
At least 150 vessels have dropped anchor in the strait of Hormuz. Photograph: Hamad I Mohammed/Reuters

Leading maritime insurers have cancelled war risk cover for vessels operating in the Gulf as the escalating Iran conflict disrupted shipping and sent some freight costs surging.

At least 150 vessels including oil and liquefied natural gas tankers have dropped anchor in the strait of Hormuz and surrounding waters, and at least three tankers were damaged and one seafarer killed over the weekend.

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