Over 1,200 cargo ships stranded due to Strait of Hormuz closure

London (ANTARA) - The closure of the Strait of Hormuz has resulted in more than 1,200 cargo ships being stranded, carrying goods valued at 125 billion US dollars, the Financial Times reported on Wednesday (24/6) citing a recent report from insurer Allianz. Justus Heinrich, Head of Marine Underwriting at Allianz, told the British newspaper that the closure has changed insurers’ risk perception of strategic narrow shipping lanes. “We have always talked about realistic disaster scenarios, and now we are facing a real disaster scenario like this,” he was quoted as saying. Shipping traffic is gradually recovering following the announcement of an agreement between the United States and Iran to reopen the Strait of Hormuz. Data from Lloyd’s List Intelligence shows that 69 vessels sailed out of the Persian Gulf in the week ending 21 June, up from just 24 ships the previous week and marking the highest weekly number since the US-Iran conflict erupted in February. The conflict has claimed many lives and triggered economic losses as well as an ongoing crew crisis. According to the International Maritime Organization (IMO), the conflict has killed 14 seafarers and prompted missile attacks on more than 40 ships, most of which were oil tankers.