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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[–] 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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