Each row is a dated figure reported by a named outlet, not an index or a model. Where two outlets disagree, both are carried. Gaps are periods with no public reporting located, not zero. It is an event ledger of repricings, not a daily series: war-risk premiums move on events and then hold.

0% 2% 4% 6% 8% 10% FebMarAprMayJunJul
Each mark is one reported war-risk premium print for the Strait of Hormuz or wider Persian Gulf. A vertical bar is a quoted range or a flag-differentiated spread, not a move. The ledger records repricings, not a continuous daily series: premiums reprice on events and then hold, and the gaps are periods with no public reporting. Prints mix per-transit and per-7-day bases and gross-versus-net-of-discount figures; see the table for each. The mid-March cluster near the top is the true peak.

Public sources cluster around two pre-crisis baselines: ~0.25% of vessel value per transit (Marsh, Jefferies) and ~0.1-0.15% of hull and machinery value per 7 days (S&P Global). We carry both rather than pick one, because every multiple-of-baseline claim depends on which is used.

Strait of Hormuz and the wider Persian Gulf

DateReadingRateBasisRegionSource
2026-02 Pre-crisis baseline (cluster A) 0.25% per transit, vessel value Gulf / Hormuz Marsh, Jefferies (via Reuters / Insurance Journal) T2
2026-02 Pre-crisis baseline (cluster B) 0.1-0.15% per 7 days, H&M value Persian Gulf S&P Global Commodity Insights T2
2026-03-05 First week of the crisis 3% per transit, vessel value Hormuz Jefferies (via Reuters / Insurance Journal) T2
2026-03-05 Same week, broker quote 1-1.5% per transit, varies east / west of the strait Hormuz Marsh (via Reuters / Insurance Journal) T2
2026-03-10 Peak week, high-risk propositions 7.5% per 7 days Middle East Gulf Lloyd's List T2
2026-03-10 Peak week, safer vessels 1% or less per 7 days Middle East Gulf Lloyd's List T2
2026-03-15 Mid-March peak, stranded tankers up to 10% H&M value Persian Gulf S&P Global Commodity Insights T2
2026-03-27 Week ended March 27, headline 1.0% per 7 days, H&M value Persian Gulf S&P Global Commodity Insights T2
2026-03-27 Week ended March 27, after no-claims bonus 0.8% (net) per 7 days, net of NCB Persian Gulf S&P Global Commodity Insights T2
2026-04-10 Single passage, quotes quickly withdrawn 3% single 7-day Hormuz passage Hormuz Argus Media (Oakeshott) T2
2026-04-10 Post-ceasefire, flag-differentiated 1.5-3% general; up to 5% US/UK/Israel-linked per transit Gulf / Gulf of Oman Insurance Business (Neil Roberts, LMA) T3
2026-04-13 Softening, large no-claims bonus in effect 1% (before a 35-50% no-claims bonus) AWRP, Mideast Gulf Mideast Gulf Argus Media T2
2026-05 Rates held; no fresh dated print (48-day public-reporting blackout, Apr 14 to May 31) held, not repriced n/a Hormuz Willis Towers Watson (via Business Insurance) T3
2026-06-03 Pre-MoU escalation 4% per 7 days, ship value Hormuz The National T3
2026-06-17 Pre-MoU 5% vessel value Hormuz FT brokers (via Insurance Business UK) T3
2026-06-24 Post-MoU trough, six days on 2% (net) vessel value, after discounts Hormuz FT brokers (via Insurance Business UK) T3
2026-06-28 Ceasefire buckling 3-8% vessel value (industry estimates) Hormuz Insurance Business T3
2026-07-09 Shipowners pulling back 2-6% vessel value ($6M on a $100M tanker at top) Hormuz Reuters / Marsh (via gCaptain) T2
2026-07-11 Current norm; ~2% post-MoU low and ~10% earlier peak cited 5% vessel value Hormuz Xinhua / People's Daily (Neil Roberts, LMA) T3
2026-07-17 Re-hardening, dispersion band 3-10% hull value ($3M-10M on a $100M hull) Hormuz The National / Marsh T3

Red Sea and Bab el-Mandeb

A separate market with a separate baseline, carried on its own axis. A Red Sea rate is not comparable to a Gulf rate and should never be plotted against one.

DateReadingRateBasisRegionSource
2026-04-13 Bab el-Mandeb, pre-escalation 0.75% H&M value Bab el-Mandeb Argus Media T2
2026-04-13 Gulf of Oman 0.5% H&M value Gulf of Oman Argus Media T2
2026-07-17 Indicative, before the embargo declaration 0.3% ship value Red Sea / Bab el-Mandeb Reuters (via Insurance Journal) T2
2026-07-20 After the Houthi embargo declaration (+150%, no vessel struck yet at time of print) 0.75% ship value Red Sea / Bab el-Mandeb Reuters (via BOE Report) T2

Structural context

  • 2026-03-03 Lloyd's Joint War Committee adds Bahrain, Djibouti, Kuwait, Oman and Qatar to its Listed Areas (JWLA-033), the trigger that makes the additional premium payable on entry.
  • 2026-03-05 Six P&I clubs serve notice cancelling non-poolable charterers' war-risk liability extensions. Core poolable P&I and the CLC/Bunkers blue cards stay in force throughout.
  • 2026-04-08 A ceasefire is announced. Underwriters report no rate decreases follow it; the softening had already happened in late March.
  • 2026-06-19 A Lloyd's / Chubb marine war-risk consortium goes live: $200M hull and P&I capacity, $200M cargo. Lloyd's discloses the capacity and no pricing.

Method and caveats

Every row is a figure a named outlet reported on the date shown. We do not average competing figures or interpolate across the gaps; where two outlets disagree, both are carried. The additional war-risk premium is charged on entry into a Lloyd's Joint War Committee Listed Area, which covers the whole Persian Gulf and Gulf of Oman, not the strait alone, so a "Hormuz" premium is shorthand for the Gulf-wide rate. Wide bands in July are dispersion across flag, owner and route, not uncertainty in the reading: US, UK and Israeli-linked tonnage was charged several times the rate of other ships. This ledger prices hull war-risk cover only. P&I war-risk extensions, charterers' cover and crew war bonuses are separate products quoted on different bases and are not comparable to these figures. Corrections to this desk's own earlier war-risk reporting are recorded at Corrections.

Cite as: TankerBrief, Hormuz War-Risk Premium Ledger, tankerbrief.com/data/war-risk-premium, updated 2026-07-23.