Missing Crew Not Found in Iran-Hit Vessel, Thai Ship Owner Says<\/a><\/p>\nTreasury Secretary Scott Bessent said Thursday that the Development Finance Corporation\u2019s maritime reinsurance program and efforts with Central Command \u201cwill soon provide shippers through the Gulf region with a level of security we have never seen before.\u201d He told Fox News on Monday that the US is \u201cgoing to retake control\u201d of Hormuz, ensuring safe navigation \u201cthrough US escorts or a multinational escort.\u201d<\/p>\n
There have been no signs that a US Navy-escorted tanker has made its way through the strait under the DFC program. But a DFC official affirmed Bessent\u2019s view and said reinsurance will start soon. Asked why the program hasn\u2019t yet been executed, the official said additional updates would be provided as soon as available.<\/p>\n
Since the war began, traffic through Hormuz, which accounts for about a fifth of the world\u2019s oil and liquefied natural gas, has largely ground to a halt. Iran\u2019s parliament approved legislation to impose fees in the strait, according to the semi-official Fars news agency.<\/p>\n
A handful of vessels have made their way through by switching off their satellite signals, while others have managed to traverse the strait thanks to agreements between regional governments and Iran. The insurance status of such ships wasn\u2019t immediately clear, however London providers have repeatedly insisted that cover is available in recent weeks.<\/p>\n
\u201cShips do not move without crews, and crews will not move unless they can be guaranteed to be safe,\u201d said Ren\u00e9 Kofod-Olsen, chief executive officer of ship and crew manager V.Group Ltd.<\/p>\n
Even as the DFC\u2019s program could help make the exorbitant costs of passage through the Strait of Hormuz more palatable, the danger of doing so is still seen as the deal-breaker \u2014 especially as markets have shown diminishing confidence that the month-long war is coming to a close. The administration has tied the reinsurance offer with the availability of US Navy escorts, deferring to Central Command on how those would be executed.<\/p>\n
Asked on its role in assisting the DFC program, and whether military escorts would be ready to go on orders, a Central Command spokesperson responded that there was nothing to add to Bessent\u2019s remarks.<\/p>\n
The movement of vessels involves \u201ca judgment call that balances commercial pressure against the safety of the people on board, and that safety cannot be compromised,\u201d said Kofod-Olsen, whose shipping firm manages about 44,000 seafarers and 600 vessels, including some ships currently stuck in the Gulf.<\/p>\n
Further, operational pressures are mounting, with vessels paralyzed for prolonged periods facing hurdles to planned provisioning, and missed port calls meaning diminished supplies onboard, Kofod-Olsen added.<\/p>\n
Insurers have expressed interest in participating in the effort, and Chubb Ltd. was announced earlier this month as the lead partner with the DFC. Chubb didn\u2019t immediately respond to a request for comment on their involvement in the program.<\/p>\n
Marsh and Aon Plc, two of the world\u2019s largest insurance brokers, also have been in talks with the agency. Both declined to comment.<\/p>\n
Even before the DFC announcement, private insurance companies were continuing to offer premiums for vessels looking to move through the region. The Lloyd\u2019s Market Association said earlier this month that offers were being made, and broker Arthur J. Gallagher & Co. noted the London insurance market was willing and able to cover ships looking to pass through the strait.<\/p>\n
\u201cThe reason ships are not moving is not through a lack of insurance; it is a question of the risk to crew and vessel safety being assessed by the ship masters and owners as too high,\u201d Neil Roberts, head of Marine and Aviation at the Lloyd\u2019s Market Association, said last week.<\/p>\n
Photograph: A tanker in the Strait of Hormuz on Feb. 25, 2026. Photo credit: Fadel Senna\/AFP\/Getty Images<\/p>\n
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