US EditionWhat to Know About the Agency Trump Says Will Insure Ships in the Persian Gulf
The US Development Finance Corporation will provide political risk insurance to secure maritime trade amid private insurers' withdrawal after recent regional conflict.
- This week, President Donald Trump announced the US will offer federally-backed political risk insurance and financial guarantees through the US Development Finance Corporation, `providing, at a very reasonable price, political risk insurance and guarantees`.
- After the conflict started on Saturday, private insurers cancelled or sharply repriced war-risk coverage for ships in the Persian Gulf, halting shipping where about one-fifth of global oil transits the Strait of Hormuz.
- Yesterday, US Treasury Secretary Scott Bessent confirmed coverage includes cargo vessels and oil tankers, and officials will share details with insurance brokers and ship owners soon.
- The United States Navy will begin escorting tankers, as soon as possible, and Bessent said crude oil markets are 'very well supplied' with 'hundreds of millions of barrels on the water away from the Gulf.'
- The DFC's usual mandate is to mobilise private capital to developing nations, yet Clarksons Research counted 3,200 vessels in the Persian Gulf, including 112 crude tankers, 114 container ships and 241 bulkers.
13 Articles
13 Articles
The Danish Maersk, the second largest shipping company in the world, immediately suspends the maritime transport of goods in seven countries of the Middle East due to the war in Iran. The decision of the giant, which is of a temporary nature, affects the United Arab Emirates, Oman (except the port of Salalah), Iraq, Kuwait, Qatar, Bahrain and the Saudi ports of Dammam and Jubail. The suspension will apply to all goods destined for or originating…
Maersk has suspended shipping in seven countries this Wednesday for the war in Iran.
The ports of Jeddah and King Abdullah in Saudi Arabia, and the port of Salalah in Oman, remain operational; Jordan and Lebanon are still on the cargo route accepted by the shipping group.
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