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Over 1,000 Vessels Worth $125 Billion Await Clearance to Transit Hormuz, Allianz Says

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About 1,150 vessels, with an estimated vessel and cargo value of $125 billion and a total volume of 29 million gross tonnage, are currently stuck in the Persian Gulf, awaiting clearance to resume transit following the US-Iran deal, Allianz Commercial said on Wednesday.

Roughly 20,000 seafarers are aboard these vessels, awaiting "solid assurances of safe passage," the firm said.

"The events in the Middle East have been more impactful than many would have expected. The closure of the Strait of Hormuz sets a dangerous precedent and raises questions around the long-term future of this and other critical chokepoints," said Rahul Khanna, Global Head of Marine Risk Consulting at Allianz Commercial.

The recent Hormuz disruption signals a transition toward a "new maritime order" marked by heightened security risks, disrupted shipping routes, and persistent uncertainties, according to the firm.

The previously steady trade flows and predictable operating conditions have become more complex and volatile, with geopolitical uncertainty now the major risk for the shipping industry, it said.

Despite this fundamental transformation, Allianz noted that maritime safety has improved in recent years based on their data, with the number of vessel losses declining to 350 between 2021 and 2025, from 555 between 2016 and 2020.

An increased focus on safety measures also resulted in a drop in the number of shipping incidents to 2,818 in 2025 from 3,353 in 2024, the data showed, with machinery damage, vessel collisions, and fires being the top causes of incidents.

"Geopolitical tensions challenge shipping's ongoing long-term safety improvements," Allianz said, adding that "more complex and volatile risk landscape enforces need for greater operational resilience versus cost efficiency."

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