Around 1,150 vessels remain stranded in The Gulf despite the framework agreement aimed at ending the Iran war, according to an analysis by German insurer Allianz.
Germany's largest insurer estimates the value of the blocked ships and their cargo at roughly $125 billion.
Even if conditions normalize, clearing the backlog would take several weeks, Allianz said on Wednesday. "Shipping is a hostage to this conflict," said Justus Heinrich, a senior marine insurance expert at Allianz Commercial.
The United States and Iran reached a framework agreement last week, but the risks for shipping firms are still high. Iran announced another closure of the Strait of Hormuz over the weekend after fighting flared between Israel and the Iranian-backed Hezbollah group in Lebanon.
Heinrich said maritime authorities and shipping companies are still unable to assess the threats facing vessels and their crews.
"The International Maritime Organization and German shipowners say they still cannot assess the danger to crews and ships," he said. "As long as that remains the case, ships will not sail."
Heinrich said Iran holds significant leverage, noting that between 20% and 25% of global oil and liquefied natural gas trade passes through the Strait of Hormuz.
Heinrich also pointed to the creation of a new Iranian authority for The Gulf and the Strait of Hormuz, which he said is intended to oversee or certify insurance coverage for vessels transiting the waterway.
