New Delhi, July 2 -- LONDON - A $150 million crude carrier transiting the Strait of Hormuz is paying up to $7.5 million per voyage in war risk insurance, an amount that at pre-crisis rates would have covered fifteen to twenty years of equivalent coverage. The Islamabad MoU was signed on June 17. The premium has not come down.

the conflict had removed so much private market coverage from the strait that a new pool was needed to prevent the insurance market from seizing entirely. The most extreme rates from the peak of the conflict, $10 to $14 million in war risk cover for a single five-year-old very large crude carrier reported by Lloyd's List, have moderated. The JWC designation that drove them has not.

The Lloyd's Joint War Committee, ...