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.

A “super tanker” (a VLCC or Suezmax) built in 2015 would be about 100m. I new one built today would be between 300m-500m.