War risk insurance soars for Middle East tankers after attacks in Gulf of Oman


War risk insurance soars for Middle East tankers after attacks in Gulf of Oman

Oil tanker owners face spiraling insurance costs to load cargoes from the world’s largest crude-export region after the latest round of attacks on vessels.

War risk premiums that owners pay each time they go to the Persian Gulf have now surged to at least $185,000 for supertankers, according to people with knowledge of the market. They rose to $50,000 after the attacks a month ago.

Both owners and the companies that charter their ships paused bookings in the immediate aftermath of attacks on Thursday as they re-evaluated risks to shipping barrels from the Middle East in the wake of attacks on two more tankers just a month after similar incidents. Insurance costs from the Persian Gulf are soaring. Read More

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