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At a Glance Operational Overview  Maritime traffic across the Middle East remained deeply disrupted on March 4 as threats by Iran’s Revolutionary Guards against vessels transiting the Strait of Hormuz continued to shape the operating environment. Only five total vessel crossings were recorded through Hormuz, far below typical baseline levels and unchanged from the previous…

At a Glance Operational Overview  Maritime traffic through the Strait of Hormuz declined further on March 3 as the closure declared by Iran’s Revolutionary Guards continued to deter most commercial movement through the world’s most critical energy chokepoint. Only four vessels crossed the Strait during the day, representing a further 42.86% decline from March 2…

Insurance Market Reaction Traffic through the Strait of Hormuz declined by 80% within 24 hours of strikes being launched on Iran over the weekend as shipowners and charterers weighed whether to proceed with voyages. Chief among their considerations was the stance taken by the world’s reinsurers that ultimately underwrite the marine insurance market. By Monday,…

At a Glance Operational Overview  As of March 3, the maritime environment reflects the declared closure of the Strait of Hormuz and sustained commercial withdrawal from the corridor rather than temporary hesitation. On March 2, Iran’s Revolutionary Guards formally declared the Strait of Hormuz closed and warned that vessels attempting transit would be targeted. Traffic…