Around $125 Billion of Vessels, Cargo Remains Stranded in Persian Gulf, Allianz Says

By Dominic Chopping

Geopolitical uncertainty is now the top risk facing the shipping industry, as vessels and cargo valued at around $125 billion remain stuck in the Persian Gulf awaiting a resumption of transit through the Strait of Hormuz, according to Allianz Commercial.

The insurer said in an industry review Wednesday that the closure and reported mining of the strait are the latest in a series of recent disruptions to have hit shipping.

The developments signal a "new maritime order," with escalating security risks along strategic shipping corridors, the disruption of established trade routes, persistent uncertainty, higher risk premiums, and a greater strategic emphasis on resilience over cost efficiency, it said.

Allianz said its data shows that around 1,150 cargo-carrying vessels and as many as 20,000 seafarers are currently stranded in the Gulf, highlighting the severe disruptions to vessel operations and mental strain that has been placed on crew who have spent months on board facing the threat of attack.

Allianz Commercial Chief Executive Thomas Lillelund said the shipping industry has gone from decades of relative stability, with steady trade flows and largely predictable operating conditions, to becoming increasingly complex and volatile.

"The Middle East conflict and Strait of Hormuz closure is just the latest in a series of severe interruptions to hit shipowners and cargo operators," he said. "Resilience, geopolitics, and efficiency must be balanced in an increasingly unpredictable world, where the cost of uncertainty is reshaping the shipping industry."

Allianz said that while marine insurance cover has been available throughout the conflict--at higher hull and cargo premiums--the real issue for shipowners has been more about the risk to vessels and crew when transiting a conflict zone, rather than pure insurance considerations.

It cautioned that even if the U.S. and Iran peace agreement holds and the Strait of Hormuz is reopened, solid assurances of safe passage will be required, especially if traffic is to return to its prewar levels of up to 140 vessels a day.

"The closure of the Strait of Hormuz sets a dangerous precedent and raises questions around the long-term future of this and other critical chokepoints," said Captain Rahul Khanna, global head of marine risk consulting at Allianz Commercial.

"What is becoming clear is that we have to pay a price for uncertainty, shifting from 'just-in-time' to 'just-in-case' supply chains, and prioritizing resilience over cost efficiency."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 24, 2026 03:02 ET (07:02 GMT)