The US Development Finance Corporation (DFC) has confirmed its readiness to extend political risk insurance and guarantees for maritime trade, particularly energy shipments, passing through the Gulf.
This measure is intended for all shipping lines and takes effect immediately, following an order from president Donald Trump for support at a “very reasonable price”.
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In a post on Truth Social, the president said: “If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD.”
The DFC said its political risk cover is intended to maintain international trade stability and assist US and allied businesses in the Middle East during ongoing hostilities involving Iran.
The agency is working under the direction of President Trump and Treasury Secretary Scott Bessent, with attention on sectors most affected by recent developments, such as maritime trade and energy.
Support is set to be offered to commercial charterers, shipowners and major maritime insurance providers to limit market disruption and uphold the continued movement of goods and capital.
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By GlobalDataDFC CEO Ben Black said: “DFC is here to provide support and stability in order to ensure there are minimal disruptions to operations and markets.
“President Trump’s decisive show of strength and fortitude in the Middle East is building the foundation for a new era of lasting peace and prosperity in the region. DFC’s Political Risk Insurance and Guaranty products will help ensure commerce, capital and energy can operate at capacity during the ongoing conflict.”
This action follows recent decisions by several maritime insurers to halt war-risk cover for vessels entering the Persian Gulf and adjacent waters.
These suspensions are in response to recent military operations against Iran by the US and Israel.
Seven of the 12 members of the International Group of Protection and Indemnity Clubs have announced that war-risk cover will automatically end for ships in these waters from midnight London time on 5 March.
The clubs withdrawing this coverage are the American Steamship Owners Mutual Protection and Indemnity Association; Assuranceforeningen Skuld; Gard; London P&I Club; NorthStandard; the Steamship Mutual Underwriting Association; and the Swedish Club.
