Hormuz Crisis Drives Up Shipping and Insurance Costs, Arab Maritime Union Says

The crisis in the Strait of Hormuz is pushing up shipping and insurance costs, according to the Arab Union of Chambers of Maritime Navigation.

Medhat El-Qady, the union’s vice president, said the passage of 17 tankers through the strait marked a positive development compared with traffic levels recorded over the previous two weeks.

His assessment pointed to an improvement in tanker movements through the waterway, even as the crisis continued to weigh on maritime transport costs.

The increase in crossings offers a more encouraging picture of vessel traffic, but El-Qady’s remarks did not establish a return to normal operations or an easing of shipping and insurance costs.