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France to help secure shipping lanes

  • Spanish Market: Freight
  • 03/03/26

French President Emmanuel Macron announced on Tuesday the creation of a coalition to secure vessel traffic through the strait of Hormuz and the Red Sea as the US-Iran war disrupts shipping in the region.

"We are taking the initiative to build a coalition to gather the necessary means, including military means, to restore and secure traffic in these maritime routes that are essential to the global economy," Macron said in a speech on Tuesday.

The French aircraft carrier Charles de Gaulle will reposition to the Mediterranean over the coming days, according to Macron. The aircraft carrier had been in the north Atlantic as part of a French government mission.

"We have economic interests to preserve because oil prices, gas prices and the state of international trade are deeply disrupted by this war," Macron added.

The US will offer naval convoys and political risk insurance for ships transporting energy and other commodities through the Mideast Gulf, President Donald Trump said on Tuesday.

Traffic through the strait of Hormuz plunged following the outbreak of the war, falling by 94pc.

By Charlotte Bawol

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03/03/26

US offers insurance, naval escorts for Gulf traffic

US offers insurance, naval escorts for Gulf traffic

Includes info on freight futures market and vessel insurance. Washington, 3 March (Argus) — The US will offer political risk insurance and naval convoys for ships transporting energy and other commodities through the Mideast Gulf, President Donald Trump said on Tuesday. Trump said he ordered the US government finance provider Development Finance Corporation "to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy." Ship traffic through the strait of Hormuz — the world's most critical shipping lane for oil, LNG and other commodities — has almost ground to a halt since US and Israeli forces struck Iran on 28 February. Total traffic through the strait is down by 94pc since the start of fighting. "If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible," Trump said. Major protection and indemnity (P&I) clubs' re-insurers cancelled war risk coverage in certain areas of the Mideast Gulf and the Gulf of Oman, according to notices issued to their members on 1 March. The announcement from Trump was preceded by a drop in futures market prices for very large crude carriers (VLCC) in the region. The freight rate for a Mideast Gulf to Asia-Pacific voyage carried on a VLCC rose by Worldscale 100 to hit WS500 today — far and away the highest recorded level on the voyage in the spot market. But futures markets moved the opposite direction, dropping by WS45 from WS380 on Monday to WS335 today. Ship insurers require Additional War Risk Premiums (AWRPs) for vessels passing through designated risky areas to maintain coverage. Last week, ahead of the US and Israeli strikes on Iran, AWRP in the Mideast Gulf stood at 0.15–0.2pc of a vessel's hull and machinery value, according to insurance brokers. But regional rates have now surged, to around 1pc, brokers say, which is equivalent to around $1.34mn for a 2mn bl VLCC . While that AWRP is well above last week's levels, it remains just a fraction of the roughly $30mn that it would cost to ship a 2mn bl Mideast Gulf cargo to China in today's elevated market. The war in the Middle East has accelerated an already brisk rally in crude shipping rates, pushing them to new record highs. Traders are seeking crude supplies from alternate sources, such as west Africa, Brazil and the US, where tanker rates are also at or near all-time highs. By Haik Gugarats, Ross Griffith, Nick Watt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US offers insurance, convoys for Mideast Gulf

03/03/26
03/03/26

US offers insurance, convoys for Mideast Gulf

Washington, 3 March (Argus) — The US will offer political risk insurance and naval convoys for ships transporting energy and other commodities through the Mideast Gulf, President Donald Trump said on Tuesday. Trump said he ordered the US government finance provider Development Finance Corporation "to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy." Ship traffic through the strait of Hormuz — the world's most critical shipping lane for oil, LNG and other commodities — has almost ground to a halt since US and Israeli forces struck Iran on 28 February. Total traffic through the strait is down by 94pc since the start of fighting. "If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible," Trump said. Major protection and indemnity (P&I) clubs' re-insurers will cancel war risk coverage in certain areas of the Mideast Gulf and the Gulf of Oman, according to notices issued to their members on 1 March. These clubs include the London P&I, UK-based Steamship Mutual Underwriting Association, American P&I, Norway-based Gard and the Swedish Club. This comes after Oslo-based marine insurance provider Skuld and UK-based NorthStandard P&I cancelled war risk coverage for areas in the Mideast Gulf and the Gulf of Oman. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Explainer: War risk insurance and AWRP

03/03/26
03/03/26

Explainer: War risk insurance and AWRP

London, 3 March (Argus) — Multiple profit and indemnity (P&I) insurance clubs have already suspended shipowners' war risk insurance in the Middle East as risks to commercial shipping in the region increase as a result of the escalating conflict between the US and Israel and Iran. What is war risk insurance? Shipping insurance is typically split into two parts, Hull and Machinery insurance and War Risk insurance. The latter covers "physical loss of or damage to the hull and the machinery onboard," as outlined by insurer British Marine. Losses of this kind are usually accidental in nature. War Risk insurance is a standard part of a shipowner's insurance on its vessel, and allows shipowners to claim against any damage to the vessel resulting from conflict. Definitions of what constitutes conflict-related damage can vary depending on the exact clauses used in the insurance contract, but it would typically include damage from missile or drone attacks, mines, and acts of terrorism or piracy. War Risk insurance applies, and is indeed required, for ships passing through specific "listed areas", designated by the International Underwriting Association of London and Lloyd's of London insurance market's Joint War Committee (JWC). These listed areas include, among other places, various parts of the Black Sea, Middle East, Africa and South America. What are Additional War Risk Premiums? Insurers will require additional payments known as Additional War Risk Premiums (AWRPs) to maintain cover for vessels passing through areas within those JWC-designated "listed areas" that are deemed especially dangerous, and exposing shipping to risks above those covered by standard War Risk insurance. At present, examples of such areas include the Bab el-Mandeb strait at the southern end of the Red Sea, and the Russian and Ukrainian sectors areas of the Black Sea. Without this extra premium, vessels are not insured to pass through these waters. AWRP is added to existing cover and is usually calculated as a percentage of a ship's "Hull and Machinery Value", which is the total insured worth of a vessel's physical structure, engines and equipment. Last week, ahead of the US and Israeli strikes on Iran, AWRP in the Mideast Gulf stood at 0.15–0.2pc of hull and machinery value, according to insurance brokers. But regional rates have now surged , to around 1pc, brokers say. Why is this important in the conflict in the Middle East? As a result of the escalating conflict in the Middle East, several marine insurers have already decided the area is too risky either for standard War Risk insurance or for AWRP, so they have simply suspended all cover. Those still willing to offer cover are charging more to do so. This will make it difficult, risky and expensive for shipping to continue to move through Middle East waters, including the Mideast Gulf, the strait of Hormuz and the Red Sea, and some shipowners are now trying to negotiate the reinstatement of war risk insurance for the Middle East, market sources say. By John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Germany's Merz cites Iran war fallout on energy

03/03/26
03/03/26

Germany's Merz cites Iran war fallout on energy

Washington, 3 March (Argus) — German chancellor Friedrich Merz on Tuesday urged President Donald Trump to bring the US war against Iran to a swift conclusion, citing its negative effects on oil and natural gas prices. "This is, of course, damaging our economies — this is true for the oil prices and this is true for the gas prices as well," Merz told reporters during the televised portion of his meeting with Trump at the White House today. "That's the reason why we all hope that this war will come to an end as soon as possible, and we are hoping that the Israeli and the American army are doing the right things to bring this to an end and to have, really, a new government in place who is coming back to peace and freedom," Merz said. Trump downplayed the rise in oil prices during the press conference, and has indicated that the US campaign against Iran is still in the beginning stages. "We have a little high oil prices for a little while, but as soon as this ends, those prices are going to drop, I believe, lower than even before," Trump said. Germany has hailed Trump's decision to attack Iran and eliminate its leadership. But Trump did not publicly address Merz's entreaty to discuss "the day after" the war ends. Ship traffic through the strait of Hormuz — the world's most critical oil and LNG shipping lane — has almost ground to a halt since US and Israeli forces struck Iran on 28 February, with only three tankers recorded sailing through the waterway on 1 March, according to the Joint Maritime Information Center. Total traffic through the strait is down by 94pc since the start of fighting. The front month Nymex WTI contract was up by more than $10/bl, or 15pc, in the first two sessions since the conflict began over the weekend. The effect on natural gas prices is even more pronounced, especially in Europe, because Qatar halted production at its 77mn t/yr Ras Laffan LNG export terminal. Trump is scheduled to meet with treasury secretary Scott Bessent and energy secretary Chris Wright at 2pm ET Tuesday to discuss measures mitigating the impact of higher oil and LNG prices. The administration is not considering a drawdown of strategic oil stocks at this time, according to a source familiar with the planned measures. Advocacy group FDD senior adviser and former Trump White House staff member Rich Goldberg attributed higher oil prices to maritime insurance providers, posting on social media that "the Strait of Hormuz is open" and that "London is working against us". Goldberg suggested there could be ways to address the spike in insurance prices. "We have a lot of creative tools to address the insurance issue in the Strait of Hormuz," he wrote on social media. Major protection and indemnity (P&I) clubs' re-insurers will cancel war risk coverage in certain areas of the Mideast Gulf and the Gulf of Oman, according to notices issued to their members on 1 March. These clubs include the London P&I, UK-based Steamship Mutual Underwriting Association, American P&I, Norway-based Gard and the Swedish Club. This comes after Oslo-based marine insurance provider Skuld and UK-based NorthStandard P&I cancelled war risk coverage for areas in the Mideast Gulf and the Gulf of Oman. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

WTI up by 8pc as Middle East crude supply choked

03/03/26
03/03/26

WTI up by 8pc as Middle East crude supply choked

Calgary, 3 March (Argus) — The front month Nymex WTI contract jumped by 8pc today with ship traffic through the strait of Hormuz nearly grinding to a halt as the US and Israel continued to exchange fire with Iran. April Nymex WTI traded up by $5.77/bl to near $77/bl as of 11am ET on Tuesday, Prices have so far surged by more than $10/bl, or 15pc, in the first two sessions since the conflict began over the weekend . Most vessel owners are unwilling to transit the strait — a key chokepoint for oil and LNG exports from the Mideast Gulf — forcing some upstream production offline. Iraq has suspended crude production from the northern Kirkuk region as a precaution against the escalations in drone and missile attacks linked to the US–Israel conflict with Iran, Iraqi oil ministry sources told Argus . Production levels at Kirkuk were averaging 220,000 b/d before the suspension, the source said. London-listed Gulf Keystone said it has stopped production at its Shaikan field in the semi-autonomous Kurdistan region because of safety concerns linked to the widening conflict. Shaikan, one of Kurdistan's largest fields, produced just over 41,500 b/d in 2025. Crude supply from the Mideast Gulf is being constrained by the de facto closure of Hormuz, as soaring freight rates and higher war-risk premiums deter shipowners from transiting. Iran claims it has "closed" the strait and intends to "burn" any ship that tries to pass through. US attacks in the region may have compromised Iran's ability to close the strait using those means, however. "The Iranian regime has harassed and attacked international shipping in the Gulf of Oman for decades," the US' Central Command (Centcom) said in a statement. "Those days are over." Even so, only three tankers were recorded sailing through the waterway on 1 March, according to the Joint Maritime Information Center. This compares with 50 tankers on 28 February, representing a 94pc drop in tanker traffic. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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