They need to convince the insurance companies that one side or the other isn’t going to start bombing/seizing ships.
Until then nothing is going to move.
Yeah as soon as the straight closed the insurance companies cancelled the policies. It will take weeks to get new policies written and approved
Until then, almost no ships are going to move without insurance. Not just because they’re not covered for any issues or damage, but also because most ports require ships to be insured to enter the port. Doesn’t really matter if you get through the straight if you can’t go anywhere after.
And imagine the liability for the shipping company if a VLCC blows up and leaks its cargo everywhere. Exxon Valdez cost a billion dollars overall and that was decades ago.
It is open in a limited sense to ships that they approve and which pay a toll for security passage.
Due to confusing and conflicting messages between Iran and the Trump administration, few ships are yet willing to pass through the Strait because both the companies that run the ships and the insurance companies that insure the ships are not quite willing to pass through it yet.
Also, exactly which ships Iran may or may not approve to pass through, isn’t exactly clear yet.
edit: this comment is a broad generalization and lacks specifics. this situation is complex and evolving. when this comment is several hours old, it may no longer be accurate.
by 06:00am-08:00amUTC on Saturday, you should check for updates elsewhere
Looks like it’s closed again.
Good. Nobody should trust Israel.
