The United States says a new insurance program for ships transiting the Strait of Hormuz will launch soon, in a bid to help restore tanker movement through the world's most critical oil and gas chokepoint. Treasury Secretary Scott Bessent said the plan is intended to support shipping as vessel traffic through Hormuz remains well below normal levels amid military tensions and elevated war-risk costs.
The move could become a key market stabilizer if it succeeds in lowering insurance barriers that have kept owners and charterers cautious about returning tonnage to the Gulf. For crude and LNG trades alike, access to affordable cover has become one of the main constraints on restoring flows, alongside security risks and shifting naval threats.
TankerMap monitoring continues to show stressed traffic patterns in and around Hormuz, with many operators still limiting exposure. A US-backed insurance mechanism would not remove geopolitical risk, but it could reduce one of the biggest commercial obstacles to restarting normal shipping volumes. If implemented quickly, the program may ease freight pressure and help some Gulf export routes regain capacity. Source: gCaptain