Despite the US president’s claim that a new insurance plan for ships navigating the Strait of Hormuz would be implemented “effective immediately” nearly a month ago, Lloyd’s List, a leading shipping publication, has found that there are currently no recorded beneficiaries of the scheme. Furthermore, Lloyd’s has suggested that the plan’s conditions may be restrictive, limiting its applicability to vessels with ties to the United States. According to UN Trade and Development (UNCTAD), the cost of insuring a $100m vessel was already approximately $250,000 per voyage prior to the current crisis.
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