Shipping traffic slows in Strait of Hormuz, Kpler data shows

Preliminary data released today shows that shipping traffic through the Strait of Hormuz slowed yesterday, as most vessel owners avoided the vital waterway due to a lack of clear signs it would reopen soon.

According to Reuters, figures from Kpler indicated that six vessels carrying commodities passed through the strait between Tuesday and 02:58 GMT today, down from nine ships the previous day and below the 10-day average of 11 vessels.

Earlier data showed that maritime shipping nearly halted after the United Arab Emirates reported that vessels operated by Abu Dhabi National Oil Company (ADNOC) were attacked while crossing the strait last week.

Meanwhile, the United States has announced that the maritime blockade on Iran could continue indefinitely.

Several sources told The Insurer, a specialist insurance service, that war risk insurance premiums for transiting the Strait of Hormuz remain around 10 percent, as reduced shipping activity and ongoing attacks on commercial vessels continue to pressure the market and drive up prices.

Sources in the marine insurance market estimated war risk insurance rates for the Strait of Hormuz at between 7.5 percent and 12.5 percent.