Marine insurers continue to wait for clarity on the Iran ceasefire. According to ShippingWatch, P&I groups like Skuld and DNK are advising their customers to wait and see how the situation in Iran develops before resuming navigation through the Strait of Hormuz. This waiting period creates a critical uncertainty factor in maritime transport.
P&I clubs provide insurance to ships against risks such as crew injury, environmental pollution, and third-party claims. Skuld (Norway-based) and DNK (Denmark-based) are among the world's main P&I insurers. War and conflict zones fall outside the coverage of standard policies and require operators to pay additional "war premiums".
Despite the ceasefire taking effect, P&I clubs are demanding a longer observation period to guarantee lasting stability. During this period, customers are being forced to prefer alternative routes via the Cape of Good Hope over Hormuz. The alternative route lengthens Asia-Europe voyages by 10-14 days and raises freight costs. The insurance sector's cautious stance is tightening tanker operators' revenue pressure and deepening the fragility of the global oil supply chain. A reconfirmed ceasefire is the critical threshold for removing vessels from war-risk insurance.
Key Takeaways:
1. P&I groups (Skuld, DNK) advise customers to wait-and-see before navigating Hormuz.
2. P&I provides insurance against crew injury, pollution, and third-party claims.
3. War zones fall outside standard coverage; additional 'war premium' is required.
4. Insurers demand a longer observation period for lasting stability.
5. The Cape of Good Hope alternative adds 10-14 days to Asia-Europe voyages.
