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War-Risk Insurance Pullout Halts Hormuz, Ships Detour Cape

4/26/2026

38 6 Full Breakdown

Summary

Story summary

War-risk insurance was withdrawn in early March, halting navigation through the Strait of Hormuz.
Despite officials saying the strait was open, traffic dropped to a few ships per day by April 2026.
Major shippers stopped booking the route, forcing cargo to detour around the Cape of Good Hope, adding 10-14 days.
Baker Hughes CFO Ahmed Moghal warned the strait may stay partially inoperable until the second half of 2026.

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Story summary

War-risk insurance was withdrawn in early March, halting navigation through the Strait of Hormuz.
Despite officials saying the strait was open, traffic dropped to a few ships per day by April 2026.
Major shippers stopped booking the route, forcing cargo to detour around the Cape of Good Hope, adding 10-14 days.
Baker Hughes CFO Ahmed Moghal warned the strait may stay partially inoperable until the second half of 2026.