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War Insurers Shrug off Rubymar Sinking in Red Sea, Rates Stable
The cost of war risk insurance through the Red Sea remained stable on Monday despite the sinking of the Rubymar cargo ship as underwriters had already factored in the casualty after it was first hit by a missile last month, industry sources said.The cost of insuring a seven-day voyage through the Red Sea has risen by hundreds of thousands of dollars since Yemen's Iran-aligned Houthis began attacking…
As Ukraine Evacuates Trapped Seafarers, Foreign Mariners Count Cost of War
Bangladeshi seafarer Asiful Islam recalls the moment when a missile struck his cargo ship last week off the Ukrainian port of Olvia, killing his crew mate."I was just 15 feet away when it hit our ship. Our third engineer, Hadisur Rahman, who was killed, was standing just two feet away," Islam told Reuters from Romania after the remaining crew members were evacuated over the weekend."All we could do was pray out loud. It was the worst night of my life.
PVA Advises On Terrorism Insurance
The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred…
House OKs Spending
On May 1, 2002, the House Armed Services Committee reported H.R. 4546 out of committee on a bipartisan 57 to 1 vote. The bill authorizes $383.4 billion for the “core”…
The Cost of War
There was a predictable outcry against the London-based War Risk Rating Committee for imposing a huge surcharge on sailings to Sri Lanka following the suicide bombing…
Marine Industry Continues To Suffer From September 11
Still more than five months later, the maritime industry continues to feel the effects from the terrorist attacks on America, as the events of September 11 have…