US President Donald Trump has instructed the Development Finance Corporation ( DFC) DFC — US International Development Finance Corporation , i.e. International Development Finance Corporation of the United States. This is a federal agency whose resources are used to provide and guarantee loans, direct equity investments, and political risk insurance for development projects led by the private sector ) to provide political risk insurance for all merchant ships in the Persian Gulf. He also stated that the US Navy (Navy) will escort tankers through the Strait of Hormuz as needed.
Trump wrote about this in Truth Social on March 3.
Trump said the DFC would provide insurance and financial guarantees “at a reasonable price” for all maritime trade, primarily energy, that passes through the Gulf. The insurance is available to all shipping lines.
“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible,” Trump wrote.
He stressed that the US would ensure “the free flow of energy in the world” and promised “further action.”
The statement came after leading marine insurers — Gard, Skuld, NorthStandard, London P&I Club and American Club — announced they would cease war risk insurance for ships in the Gulf from March 5.