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.

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.

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