More than 1,200 cargo ships carrying goods worth an estimated $125 billion remain stranded following the closure of the strategically important Strait of Hormuz, the Financial Times reported on Wednesday, citing a report by insurance company Allianz.
According to the report, the disruption has significantly altered how insurers assess risks in major maritime chokepoints.
“We used to discuss possible disaster scenarios, but now we are dealing with a real one,” Justus Heinrich, Allianz’s head of marine underwriting, told the newspaper.
Shipping activity has started to recover after the United States and Iran announced an agreement to reopen the Strait of Hormuz, one of the world's busiest oil and trade routes.
Data from Lloyd’s List Intelligence showed that 69 vessels departed the Gulf during the week ending June 21, compared with just 24 ships the previous week. It was the highest weekly shipping volume since the US-Iran conflict began in February.
The conflict has also taken a heavy human and economic toll. The International Maritime Organization said at least 14 seafarers have been killed and more than 40 vessels, most of them oil tankers, have come under missile attack since the fighting erupted.
Despite signs of improvement in shipping traffic, industry experts warn that the impact of the crisis on global trade, maritime security and crew safety could continue for some time.