US launches Gulf maritime insurance and navy escort plan

President Donald Trump has ordered the United States Development Finance Corporation (DFC) to provide political risk insurance and guarantees for all maritime trade, especially energy, passing through the Gulf. The program will be available to all shipping lines at competitive rates.

Trump also stated that, if necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz. He emphasized that the U.S. will ensure the free flow of energy to global markets. “The United States’ economic and military might is the greatest on Earth — more actions to come,” he said.

BIMCO Comments on Proposal

Jakob Larsen, Chief Safety & Security Officer at BIMCO, noted that details are still pending. He said the insurance and guarantees could make the risk/reward ratio more favorable, encouraging some shipowners to resume operations in the high-threat area.

Larsen added that naval escorts could reduce the threat to protected ships. However, he warned that protecting all tankers in the region would require a very high number of warships and military assets. “If the Iranian threat decreases significantly, naval escorts might help more ships resume operations,” he said.

The announcement comes amid a surge in regional tensions and rising war risk premiums for vessels operating in the Gulf. Shipowners and insurers continue to monitor the situation closely.

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