Insurance rates may surge by up to 50% for ships in Middle East: FT

Insurance rates for ships calling at Israeli ports could rise by up to 50% amid Middle East tensions, the Financial Times reported. Insurance costs for vessels transiting the Gulf, previously around 0.25% of a ship's replacement value, could also increase by up to 50%. Additionally, ships in the Gulf and the Strait of Hormuz may face insurance policy cancellations.