EMEA News
Maritime Insurer Gard Cancels War Risk Cover for Iran and Gulf Waters
Maritime Insurer Gard and its related insurance entities have issued a notice cancelling war risk cover for Iran and the Persian/Arabian Gulf region.
The move follows a notice of cancellation from the group’s reinsurers, the firm said in a statement on its website on Sunday.
As a result, a wide range of covers, including P&I, charterers’ liability, crew and bunker-related policies, will have war risk protection withdrawn.
The cancellation takes effect from 00:00 GMT on March 5, following the required 72 hours’ notice.
From the same time, policies will automatically be reinstated but with a new exclusion clause removing cover for war risks occurring in Iranian waters and across the Persian/Arabian Gulf and adjacent waters, including parts of the Gulf of Oman.
All other terms of the affected insurance coverage remain unchanged.
Several major container lines, including CMA CGM, Maersk, Hapag-Lloyd and Mediterranean Shipping Company, have also been scaling back activity in the Middle East amid heightened tensions following strikes involving the US, Israel and Iran, and Tehran’s threats to close the Strait of Hormuz.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 521.50 | 8.50 | 709.50 | 1.50 |
| Rotterdam | 489.50 | 9.50 | 720.00 | 2.00 |
| Houston | 494.50 | 1.50 | 710.00 | 4.00 |
| Fujairah | 519.50 | 10.00 | 777.50 | 3.50 |
| EMEA Average | 532.00 | 6.50 | 816.50 | 2.00 |
| Global 20 Ports Average | 543.50 | 7.00 | 797.50 | 5.50 |
| Global 4 Ports Average | 506.00 | 7.00 | 729.00 | 2.50 |
| Global Average Bunker Price | 576.00 | 3.00 | 829.50 | 2.00 |
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