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Reported war-risk insurance quotations for tankers making Saudi-linked calls at Yanbu reached about 3% of a vessel’s value by late September 2026, compared with less than 1% in early July. These are reported market quotes—not a fixed tariff or a price every tanker will pay.
What “premiums triple” means
The phrase describes a reported change in the quoted cost of war-risk cover for a defined voyage exposure: the late-September figure for Saudi-linked Yanbu calls was about 3% of vessel value, while the early-July comparison was below 1%. The figures were attributed to industry sources cited by Reuters and relayed by Insurance Khabar on September 28, 2026. They do not establish a universal rate, nor do they mean the premium is charged as an annual 3% fee.
For scale, the same report gave approximate examples of about $3 million for seven-day cover for a large tanker at Yanbu, and about $7 million for southern Saudi ports or a Hormuz voyage. These are reported examples, not guaranteed quotes or rate-card prices; the report also said such cover had cost at least $100,000 before the current conflict.
How the reported rates compare by route
| Exposure described in reporting | Reported quotation | Qualification |
|---|---|---|
| Saudi-linked call at Yanbu | About 3% of vessel value | Late-September 2026 reporting; below 1% in early July. |
| Southern Saudi ports, including Jizan | Up to about 7% | September reporting; Jizan was described as roughly 50 miles from Yemen’s border. |
| Strait of Hormuz voyage | About 6–9% | Comparison quoted in September reporting. |
| Red Sea transit without a Saudi connection | About 0.2–0.3% | Indicative typical quotation in separate reporting; actual terms are privately negotiated. |
The comparison shows why “Red Sea rate” is too broad a label. A Saudi-linked call at Yanbu and a transit without a Saudi connection were reported at very different levels. Vessel and voyage details matter, so these figures should be read as reported market indications rather than a menu of rates available to all ships. The figures are attributed to industry sources in Insurance Khabar and summarized with negotiation caveats by Ship Universe.
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Why a Saudi connection can change the quote
The reporting distinguishes a tanker’s Saudi-linked call from a Red Sea passage without a Saudi connection. A ship’s specific exposure can be affected by its flag, owner and operator, previous port calls, cargo origin, route, insured value, and security profile, according to Ship Universe’s September 25 summary. Those factors help explain why one percentage cannot be applied to every vessel transiting the same broad region.
The September account connected higher pricing with the London marine insurance market’s designation of waters near Bab el-Mandeb as high risk after Houthi attacks. It also reported that a drone strike earlier that month shut the East-West pipeline, which had supported Saudi Arabia’s Red Sea route as an alternative to Hormuz, and noted that the United States was not providing comparable military air coverage for Red Sea ships. These are contextual points reported alongside the premium figures; the reporting does not quantify how much each factor contributed to the price change.
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Who pays, and can a ship take another route?
The insurance charge is only one part of the voyage decision. Whether its cost ultimately falls on a shipowner, charterer, or another party depends on the freight contract and its allocation of war-risk expenses; the cited reports do not establish a universal rule. A July SeaNews Türkiye report framed the practical issue as whether the route “can it be crossed or not?” and who bears the expense.
That July report described the TORM Innovation, after loading naphtha at Yanbu, diverting toward Asia via Gibraltar and the Cape of Good Hope rather than Bab el-Mandeb. It said the alternative could add about 30 days and attributed the choice to crew safety. This is a dated example of the trade-off, not evidence that the same ship or other tankers are currently taking that route.
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How to interpret the figures
- They are reported quotations. The central September figures were attributed to industry sources cited by Reuters and relayed by news outlets; no public insurer or regulator rate schedule is established by those reports.
- They are not independently confirmed official market statistics. Actual premiums are privately negotiated and can vary with the vessel, operator, route, cargo, insured value, and security profile.
- The comparison is time-sensitive. The under-1% figure refers to early July 2026, while the about-3% Yanbu figure was reported in late September. Neither establishes what a ship would be quoted on a later date.
- The headline comparison is specific to the reported exposure. It should not be read as a threefold increase for every Red Sea transit or as proof that all Saudi-linked voyages face the same price.
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