Middle East

Nearly 1,200 ships blocked in Hormuz, cargo premiums rise

Frisoli (Edge broker) 'Insurance methods are changing and costs are rising. The custom of ex-works sales should be reviewed'

by Raoul de Forcade

19 March 2026

Navi nello Stretto di Ormuz viste da Khasab. (EPA)

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

The situation of stranded ships in the Strait of Hormuz remains hot. According to the constant monitoring of the area, tracked by the Grafana platform, there are currently 1,194 vessels stationed in the area. Of these, 558 are oil tankers, 269 bulk carriers, 165 cargo containers, 69 Lpg (gas carriers), 17 Lng (LNG carriers) and 11 Pcc (pure car carriers).

According to Fabrizio Frisoli, an expert in the insurance and logistics sector, founder of AssiLog and now transport & cargo manager and specialty coordinator of Edge broker (a division of the Edge group, which boasts EUR 325 million in managed premiums and is controlled by the European fund Anacap), such a condition in the Middle East has a number of consequences for logistics operators, with 'a change in the way goods are insured and an increase in costs'. Frisoli focuses, in particular, on containerised goods.

In the days immediately following the US and Israeli attack on Iran on 28 February, in fact, the conditions for insuring ships and goods in the area affected by the conflict changed completely, and the policies previously taken out were cancelled in favour of others to be agreed with the insurer.

With regard to cargo, Frisoli clarifies, "standard pricing for war risk cover is generally around 0.05% (of the value of the commodity, ndr), net of any discounts related to volume, size and type of risks. However, following recent events in the Middle East, many operators have activated noc (notice of cancellation), excluding war & strikes cover from standard policies. This is now reactivated on a case-by-case basis, with premiums to be quoted on a case-by-case basis'.

Currently, he continues, 'there are significantly higher rates, ranging between 0.20 per cent and 0.50 per trip. These are also temporary quotations, with limited validity, generally between 48 hours and 7 days, and subject to reconfirmation depending on the development of events in the areas affected by the conflict'. In short, the surcharge for goods is within a range of 5 to 10 times more.

Moreover, "the widespread habit of Italian exporters to sell with exw (ex works, i.e. ex-works), a situation that concerns about 70% of shipments," says Frisoli, "is now the subject of reflection. This mode, in fact, entails, for the seller, a loss of control over the goods from the very first stages of transport: it does not allow him to intervene directly in the event of criticalities nor to have visibility over the buyer's insurance coverage, including that relating to war risk'.

Against this backdrop, therefore, says Frisoli, 'there is growing attention to the issue: more and more companies are also requesting cover for goods sold ex-works, resorting to contingency type solutions. This is a tool that has long been available on the market, but is often neglected under normal conditions, when there is a tendency to rely on the buyer's policy which, in the current situation, may not adequately include war & strikes risks".

In any case, Frisoli reflects, 'the logistics operator has, in its bosom, the ability to find solutions, because it is not the first time that we have had to reorganise the routing of shipments. Just think of the Russian-Ukrainian war which, however, impacted on the rail routes, for example to and from China; but also the case of Evergreen, which went sideways in the Suez Canal: an event that had nothing to do with the war, but which led ships to the routes on the Cape of Good Hope. So, at the logistics level, I believe that in Italia there are all the skills and experience to find solutions. At the level, on the other hand, of manufacturing companies, i.e. those who market, the solution is, quite simply, to rely on professional and experienced operators, both in terms of logistics and transport, and in terms of insurance'.

Raoul de Forcaderedattore
Luogo: Genova
Lingue parlate: italiano, inglese
Argomenti: shipping, nautica, economia, finanza.
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