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

LONDON, June 24 — The closure of the Strait of Hormuz has left over 1,200 cargo ships stranded with goods worth 125 billion U.S. 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.