More Iran War fallout: Maritime insurance industry shifts from London to China
Inside China Business | March 26, 2026
China and Hong Kong comprise the most valuable fleets of commercial ships in the world, and the largest numbers of bulk carriers, container ships, and tankers. Japan, Korea, and Singapore also have huge investments in global shipping. But European and American insurance brokers underwrite 90% of maritime insurance in the world, and on the first day of the war against Iran canceled insurance coverage on vessels already in contested waters. Hong Kong now writes insurance coverage for ships from Mainland China and Hong Kong, even those transiting the Persian Gulf. What’s more, Iranian authorities are clearing China-flagged vessels to pass safely.
Resources and links:
Top 10 shipowner countries/regions in the world https://vesselslink.com/blogs/news/to…
Hong Kong marine insurers gain edge over London with cheaper war-risk cover for Chinese ships https://www.scmp.com/business/banking…
Insurance Clubs to Halt Ship War-Risk Cover in Persian Gulf https://www.claimsjournal.com/news/na…
Insurance Clubs to Halt Ship War-Risk Cover in Persian Gulf https://www.bloomberg.com/news/articl…
Traffic is trickling through Strait of Hormuz: Who’s moving and who’s stranded https://www.cnbc.com/2026/03/18/hormu…
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Allies Don’t Need Lobbies
By Jay Knott | Dissident Voice | September 24, 2013
In a recent article on Counterpunch, Rob Urie defended the traditional Marxist analysis of US policy in the Middle East. He argues that support for Israel is driven primarily by economic interest, not the Jewish lobby.
He starts by paying tribute to the idea that Western societies are uniquely racist. He says that the “Western narrative” claims there is an “Arab character”, and that this is “antique racist blather”. He gives no definition of these terms. Further, he establishes his credentials as part of the dominant current in the American left by claiming that “over a million people in Iraq died so ‘we’ in the West can drive SUVs.”1
When he tries to criticize bourgeois economics, he makes it clear he doesn’t understand the developments it has made since Marx’s day, using the mathematical discipline known as “game theory”. He dismisses the basic abstraction of economic theory, the idea of the rational individual, on the grounds that it is “devoid of history, culture and political context”. But abstractions are always devoid of something.
He defends a more concrete economic theory, mostly Marxist, with some input from another theorist of capitalist crisis, Hyman Minsky. This concrete theory leads him to the view that US activity in the Middle East is primarily driven by rational capitalist motives, the need to secure a supply of oil.
“Taking the totality of circumstance — former oil company executives launching war on an oil rich nation on a pretext they publicly proclaimed they didn’t believe shortly before taking office — and that upon launching their war proved to be non-existent, requires a willingness to overlook the obvious — that the war on Iraq was for oil, that is difficult to support.”1
Perhaps I’ve misunderstood him, but based on what he says in the rest of the article, this convoluted sentence seems to argue that, because president Bush and vice-president Cheney attacked Iraq on false premises, and they also said it was all about oil, and they are former oil executives, and Iraq has a lot of oil, it’s difficult to deny US attacks on Iraq are all about oil.
In fact, it’s not hard at all. As Urie points out, at times Bush and co. said that attacking Iraq was “protecting the world’s supply of oil.”1 But, as he also points out, they are congenital liars. Why should we believe them when they say they are trying to “protect” the oil supply? Protect it against what? When politicians “admit” attacks on Middle Eastern countries are wars for oil, they are parroting the neo-con party line, feeding the public, both left and right, with a plausible-sounding pretext. For right-wingers, “it’s a war for oil” is a reason to support war, and for leftists, it’s a way to feel better by complaining impotently about corporate greed. Both approaches help the war drive. … continue
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Aletho News- More Iran War fallout: Maritime insurance industry shifts from London to China
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