1,200 cargo ships stranded amid Hormuz Strait closure: FT

LONDON - The closure of the Strait of Hormuz has left over 1,200 cargo ships stranded with goods worth 125 billion US dollars, the Financial Times reported on Wednesday, citing the latest report from insurance firm Allianz.

Justus Heinrich, head of marine underwriting at Allianz, told the British daily that the closure of the strait had changed the perception of risk in chokepoints for insurers.

"We were always talking about realistic disaster scenarios, and now we have a real disaster scenario like this one," he was quoted as saying.

Shipping traffic has bounced back gradually after the announcement of an agreement between the United States and Iran to open the Strait of Hormuz. Data from Lloyd's List Intelligence showed 69 vessels sailed out of the Gulf in the week ending June 21, up from only 24 a week earlier and marking the highest weekly shipping volume since the US-Iran conflict erupted in February.

The conflict has brought severe casualties and economic losses as well as lingering crew crises. According to the International Maritime Organization, the conflict has caused 14 seafarer deaths and missile attacks on more than 40 vessels, most of which are oil tankers.