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Super tanker ablaze after striking mine in Strait of Hormuz: IRGC (www.euronews.com)
submitted 3 weeks ago by to c/world@lemmy.world
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The IRGC navy accused the tanker of having turned off its positioning and radar systems in an effort to evade detection.

A super tanker has caught fire after striking a sea mine in the Strait of Hormuz, Iran's Revolutionary Guard Corps (IRGC) said on Saturday.

In a statement shared via Iranian state media, the IRGC's navy said a tanker carrying more than two million barrels of oil struck a mine whilst "attempting to pass through an unauthorised route" in the Strait, causing a "massive explosion" and a "fierce fire." It is unclear exactly where the incident took place.

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[–] 22 points 3 weeks ago (8 children)

I continue to be shocked that the tanker owners and insurance companies keep allowing them to traverse this war zone. Those super tankers cost like 100 million or more, and insurance traditionally would shut down any coverage.

Meaning, I bet the US is subsidizing the insurance on the down low.

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  • [–] 13 points 3 weeks ago (6 children)

    Spoke with someone from the region recently and they were telling me how there are new insurance companies that provide this specific wartime coverage at a massive premium. And it's because there are companies there, that are dependent on the strait, which are willing to pay premiums to the shipping corporations to transport their goods. And so desperate for money shipping corps are willing to pay the insurance premiums (or not get insurance for a massive payout from the companies).

    Basically, lots of money to be made with the Strait of Hormuz closed, both out of desperation and disaster capitalism.

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  • [–] 6 points 3 weeks ago* (last edited 3 weeks ago) (5 children)

    That is their cover, those new insurance companies were created with the help of the US for that purpose, and are being subsidized by them, I am certain.

    Although that doesn't make your point any less true or valid both can be true, and are, I believe.

    You don't happen to have any sort of other information on these new insurance companies I can dig into do you? I guess it's probably public information if you know where to find it.

    Edit: To add, the cost of damages to shipping would exceed the profits from shipping this oil throughout this war I would think. It takes a lot of trips to make 100 million in profit, let alone the opportunity cost of having them out of operation waiting for repairs, there's a backlog in the shipyards building these already (mostly china I hear,) as I understand it.

    Something is fishy here. Or oily, the fish are all dead from the oil but you get my drift.

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  • [–] 5 points 3 weeks ago (1 child)

    To add, the cost of damages to shipping would exceed the profits from shipping this oil throughout this war I would think. It takes a lot of trips to make 100 million in profit, let alone the opportunity cost of having them out of operation waiting for repairs, there’s a backlog in the shipyards building these already (mostly china I hear,) as I understand it.

    Current VLCC rates are about 800k / day. Average sailing times ex-Gulf to the PRC are about 30 days (including various types of delays).

    You don’t happen to have any sort of other information on these new insurance companies I can dig into do you? I guess it’s probably public information if you know where to find it.

    There are not really any new ones; that never happened. But there are plenty of bullshit ones who could never pay out. Talking about P&I (property and immunity) rather than H&M (hull and machinery. You can search Lloydslist.com and if you find any articles about this you want, ping me and I'll send them to you.

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  • [–] 4 points 3 weeks ago (1 child)

    They're using smaller tankers that load up with oil in the gulf, traverse the strait, then transfer ship to ship to tankers in the Indian ocean. Most of the smaller tankers are owned by the Gulf states and are insured by them too.

    It's odd that a supertanker was trying to go through the strait. Of course right now it's just a claim by the IRGC, so best to wait for confirmation from a reputable source. It's seems likely it was a smaller tanker (which do get hit from time to time, just doesn't make the news) and the IRGC is exaggerating.

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  • [–] 2 points 3 weeks ago

    I read these this morning, and there is a new one here I didn't see:

    https://www.reuters.com/world/middle-east/irans-guards-say-two-tankers-hit-mines-strait-hormuz-2026-10-17/

    'State media said both tankers were carrying ​about 2 million barrels of crude oil. There was ​no independent confirmation of the reports.' As you say.

    https://www.reuters.com/business/energy/supertanker-rates-fall-record-highs-2026-10-16/

    The Houthis have been hitting all sorts of Saudi infrastructure too, ports, oil stuff.

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  • [–] 3 points 3 weeks ago* (last edited 3 weeks ago)

    Not sure about specific companies because my understanding was that it was already existing insurance companies that just created new packages to benefit from the situation.

    A quick search though and this is what I could find that mentions a few key terms to help search:

    https://www.spglobal.com/energy/en/news-research/latest-news/shipping/030926-tankers-take-insurance-at-record-premiums-yet-stay-away-from-hormuz

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