Hormuz Tanker Crew Pay Soars as War-Risk Premiums Hit 10% of Hull Value

The scale here is the story: war-risk premiums at 6–10% of hull value per transit effectively turn a routine Hormuz passage into a balance-sheet event, and crew pay at multiples of normal signals that retention, not freight rates, is now the binding constraint on moving barrels through the strait. This costs shipowners and their insurers first, but it ultimately feeds into the cost of seaborne crude and refined products for everyone downstream. Whether these premiums and pay levels persist, or ease if attack frequency changes, is the open question worth tracking.