Risk Insurance Premiums News

Yemen's Houthi militants said on Monday they had attacked another cargo vessel in the Gulf of Aden which was at risk of sinking, raising the stakes in their campaign to disrupt global shipping in solidarity with Palestinians in the Gaza war.The Iran-aligned Houthis have made repeated drone and missile strikes since November in the Red Sea and Bab al-Mandab Strait, drawing U.S. and British bombing against them.Houthi military spokesperson Yahya Sarea said in a statement that the Rubymar's crew was safe but that the ship was badly damaged and at risk of sinking.

Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported…

Disruptions to Red Sea shipping caused by Houthi attacks will push up prices of consumer goods, an executive from port and freight operator DP World said on Tuesday as a missile struck another vessel in the region.The Iran-allied Houthi militia has threatened to expand its attacks to include U.S. ships in response to American and British strikes on its sites in Yemen.Attacks by the Houthis on ships in the region since November have impacted companies and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.

Yemen's Houthis have been targeting vessels in the southern Red Sea and the Bab al-Mandab Strait in attacks that the Iran-aligned group says aim to support the Palestinians as Israel and Hamas wage war.Several freight firms including MSC, the world's largest container shipping line, said they would avoid the Suez Canal as a result, which could mean having to circumnavigate Africa instead.War risk insurance premiums have risen as a result.WHAT ARE THE RECENT HOUTHI ATTACKS?* Dec.

War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on Monday.The incidents are the latest in a series of attacks in Middle Eastern waters since a brutal war between Israel and the Palestinian Islamist group Hamas broke out on Oct. 7.The three commercial vessels came under attack in international waters in the southern Red Sea, the U.S.

A merchant ship transporting grains was lightly damaged off the coast of Ukraine and was likely to have been hit by a floating sea mine, according to maritime specialists and a Ukrainian government source.This is the latest incident affecting commercial ships sailing in the Black Sea.War risk insurance premiums have risen to as much as 3% of the value of a vessel after a missile damaged a merchant ship in the Ukrainian port of Pivdennyi last week, industry sources said.Four maritime and trade sources said the Liberia-flagged Georgia S bulk carrier laden with a wheat cargo was sailing from Pivd

Insurance broker Marsh MMC.N, Lloyd's of London insurers and Ukrainian state banks have launched a programme to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, Marsh said on Wednesday.Kyiv launched a "humanitarian corridor" in August for ships bound for Africa and Asia to circumvent a de facto blockade in the Black Sea after Russia quit a United Nations-brokered deal that had guaranteed Kyiv's seaborne exports during the war.Lloyd's of London insurers will underwrite the programme…

Israel will provide compensation for ships that are damaged due to the war in Gaza and the government is taking steps to minimise risks for vessels using the country's ports, government advisories said.Israel has vowed to annihilate the Hamas Islamist group after its fighters stormed through Israeli towns from Gaza on Oct. 7, killing 1,400 people and seizing more than 220 hostages in the worst attack on civilians in Israel's history.The country relies on its seaports for its trade…

The number of ships looking to pick up grain cargoes from the Black Sea area has fallen 35% this week versus the previous week with growing uncertainty over whether commercial traffic could be hit as Russia continues to pound food facilities in Ukraine.Moscow's direct attacks on Ukraine's grain for four days running followed a vow by Kyiv to defy Russia's naval blockade on its export ports following Moscow's withdrawal earlier this week from a UN-brokered safe sea corridor agreement.

Insurers are reviewing whether to freeze cover for any ships willing to sail to Ukraine after Russia on Monday quit a U.N.-backed deal that allows the export of grain through a wartime Black Sea safe corridor, industry sources said.The agreement, brokered by Turkey last July, aimed to alleviate a global food crisis by allowing Ukrainian grain blocked by Russia's February 2022 invasion of its neighbour to be exported safely."Due to the collapse of the Black Sea corridor deal, most shipowners will now refrain from calling Ukrainian ports…

A deal allowing Ukraine to export grain via the Black Sea will expire at the end of Monday after Russia said it will suspend its participation.The deal, brokered by the United Nations and Turkey last July, aimed to alleviate a global food crisis by allowing Ukrainian grain blocked by the Russia-Ukraine conflict to be exported safely.WHY IS IT IMPORTANT?Ukraine is a major producer of grains and oilseeds and the interruption to its exports at the outbreak of war pushed global food prices to record highs.

A deal allowing Ukraine to export grain via the Black Sea expires on July 17 and with Moscow saying it sees no grounds for an extension there are fears it may collapse.Why is it important?Ukraine is a major producer of grains and oilseeds and the interruption to its exports at the outbreak of war pushed global food prices to record highs. The current deal, agreed in July 2022 some five months after the war started, helped to bring down prices and ease a global food crisis.Ukraine grain has also played a direct role with 725…

Insurers are about to pay state-owned Bangladesh Shipping Corporation (BSC) $22.48 million for its vessel that was hit by a missile during fighting in Ukraine, two officials involved said on Tuesday.The expected settlement is one of the first shipping claims to have been paid out since Russia invaded Ukraine on Feb. 24 last year, in a conflict that has added tens of thousands of dollars to risk premiums for every voyage.An explosion on the night of March 2-3 last year rocked the Bangladesh-flagged Banglar Samriddhi and killed a crew member.

Insurers are facing half a billion dollars in claims for up to 60 commercial ships still stuck in Ukraine a year after the start of the war with Russia, industry sources said.When the conflict started, more than 90 merchant ships - many with food cargoes onboard - and some 2,000 crew members were caught in Ukraine and unable to leave due to the fighting.Curtailed shipments from major grain exporter Ukraine played a role in the resulting global food crisis.According to shipping and insurance industry assessments…

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have yet to divert ships, there are growing worries that any further escalation could hinder oil supplies and potentially lead to higher insurance costs for shipments. The route is among the world's busiest and used by major shipping groups such as container line Maersk and oil tanker carriers including Norway's Frontline and Iran's NITC…

Piracy remains a major issue, especially for Greek owners, says the Club. The Hellenic War Risks Club is celebrating its 50th year of operation in 2011. The Association’s founding Directors, which included J C Carras,  J E G Kulukundis, C M Lemos, D J Chandris and F P Lykiardopulo, recognised a need for Greek shipowners to come together on a mutual basis to provide the most competitive war risk insurance premiums, which, at the time, were difficult and expensive to obtain. The…

With the worsening conflagration in Lebanon-Israel and the resulting consequences for maritime traffic, ship operators are bracing themselves for a hike in war risk insurance premiums for vessels that transit the Eastern Mediterranean. The 12-member Europe Mediterranean Trade Agreement that includes A.P. Moller-Maersk, Mediterranean Shipping Company and CMA CGM issued a statement: "In the event that extra costs do arise for war risk insurance, the lines wish to inform their customers that they will have no option but to pass these on to customers by way of a war risk surcharge with immediate effect.” According to Gulf News, a number of Flag-states have also issued directives…