Shipping Firms Are Being Whipsawed by Changing Stances and Risks as They Wait for Hormuz to Reopen

Maritime attorney Sean Pribyl was quoted in an article from The Associated Press about ongoing disruptions in the Strait of Hormuz and the operational and financial pressures facing global shipping companies as a result. He explained how the continued instability is forcing shippers, vessel owners and insurers to weigh security risks alongside rising costs as restricted transit and ongoing threats limit the resumption of normal traffic. Mr. Pribyl also told the publication that companies are closely evaluating insurance considerations, including both protection and indemnity coverage and war risk policies.

"Ultimately, it's still going to come back to the primary issues of risk and safety," he said, adding that shippers and insurers continue to assess conditions in the strait as they evaluate next steps.

READ: Shipping Firms Are Being Whipsawed by Changing Stances and Risks as They Wait for Hormuz to Reopen