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Posted on 03/13/2026 8:46:19 PM PDT by SeekAndFind
Insurance giant Chubb will be the lead underwriter for a U.S. government-led program to provide insurance to ships making the risky transit through the Strait of Hormuz.
Chubb will work with the U.S. International Development Finance Corp., or DFC, as part of a $20 billion plan to help get oil tankers and other commercial traffic moving again amid risks from the Iran war, the agency said.
Oil prices have spiked since the war began at the end of February. Brent crude traded above $91 a barrel midmorning Wednesday. Oil prices have stayed relatively high despite an announcement Wednesday that the International Energy Agency would coordinate the release of 400 million barrels from its member countries’ strategic petroleum reserves.
In normal times the strait sees passage of 15 million barrels a day of oil and another 5 million in other oil products, IEA chief Fatih Birol said. That flow has stalled despite a scramble by companies and governments to relieve the pressure.
Ship crews are reluctant to use the route for fear they could be attacked. Three ships off Iran’s coast were struck by projectiles Wednesday, the U.K. Maritime Trade Operations center said Wednesday.
The strait connects the Persian Gulf to the Arabian Sea, making the narrow route along Iran’s southern coast the sole maritime route out of the oil-rich region.
“The commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing vessels with insurance protection is essential for resuming trade flows,” Chubb Chairman and CEO Evan Greenberg said in a statement.
The company will be “the focal point to funnel in all the information on the ships and the cargo and to work alongside us to facilitate this insurance,” a DFC official said, speaking on condition of anonymity because they weren’t authorized...
(Excerpt) Read more at cnbc.com ...
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This won’t get shipping going through the Strait again. No ship owner wants to lose a ship and no crew wants to risk it.
How much more is this going to cost us? We’re already spending $2 billion a day on the war.
I wish you were president. You’re so much smarter than President Trump...
You too.
“This won’t get shipping going through the Strait again. No ship owner wants to lose a ship and no crew wants to risk it.”
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These ships and crews are civilians, most of them from “emerging nations.” They’re not the old Merchant Marine so many still think runs shipping for our nation, so they have no “duty” to risk their lives.
Unless there are high pay premiums for the crew, like double or triple pay, and someone else carrying the liability if a crew member is killed or injured, none of these announcements mean a thing.
RE: How much more is this going to cost us?
Think about it this way — if Iran has time to complete their nukes and ICBM developments, how much WILL it cost us then?
Like another NGO type to steal money from us to “insure” ships that ain’t going anywhere. Wheres DOGE and why do i have to pay.
“You too.”
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An interesting and unique feature of the United States of America is that “The People” are the sovereign, not the president. That means we all have the responsibility to be informed and exercise wise judgement, not sit around and hope daddy takes care of us.
Being rich doesn’t mean you’re smart. Luck plays a far larger role in that success than most people like to admit.
I hope Trump’s luck holds out, if not for him, at least for our nation.
The world knows we intervene and bailout the rest. Europe doesn't have to spend more if we will always step up.
RE: How much more is this going to cost us?
Think about it this way — if Iran has time to complete their nukes and ICBM developments, how much WILL it cost us then?>>. think about it this way. Send our CIA no wait their busy watching fake videos of Trump pissing on some hookers. Send the Mossad over and keep track of their nuclear development and bomb the place very few months.
Even triple pay won’t get ships through. Our own navy won’t send its warships in there. Why would anyone ride a supertanker, what amounts to to a giant petrol bomb, through there?
I don’t claim to be smart about shipping. I listen to those who are:
https://m.youtube.com/watch?v=W5S2ek2QcHQ
Trump is a politician, trying to calm the markets and tamp down the rising price of oil futures. So far, his assurances about getting shipping moving through the Strait again have more or less succeeded in doing that.
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