The Lloyd’s Market Association (LMA), representing insurers in London’s maritime market, has welcomed a U.S. initiative to ensure safe passage for vessels not under sanctions through the Strait of Hormuz. The association emphasized that maintaining secure sea routes is vital for global trade and economic stability. According to Neil Roberts, head of LMA’s Marine and Aviation division, around 1,000 ships are currently positioned in the Gulf and nearby waters, about half of which are oil and gas tankers.

Roberts explained that most ships remain anchored due to normal security concerns among owners and captains, though insurance coverage for these vessels remains active. Since Sunday, about 40 ships have crossed the Strait of Hormuz. Data from maritime analytics firm Kpler, released Wednesday, indicated that vessel traffic through the strait has dropped by roughly 90 percent compared to the previous week.

The slowdown in maritime movement underscores heightened regional risks, with potential implications for global energy supply and trade stability if the situation persists.