EMEA News
Other Insurers Join Skuld in Cancelling War Risk Cover in Red Sea Area
More maritime insurers have followed Skuld in cancelling certain war-risk cover for vessels operating in parts of the Red Sea, Gulf of Aden and Indian Ocean.
Gard, UK P&I, London P&I and NorthStandard have issued cancellation notices covering certain war-risk covers in specified areas of the region, as per the notice issued on Wednesday.
The moves follow Skuld's notice, reported by Ship & Bunker yesterday, cancelling certain war-risk cover in the Red Sea area.
Gard said its notice followed a cancellation notice from its reinsurers covering certain war risks in the Indian Ocean, Gulf of Aden and Red Sea.
The cancellation takes effect from 00:01 GMT on August 16.
UK P&I said its notice covers certain war risks in the Red Sea and adjacent waters, while London P&I said its reinsurers had issued a cancellation notice covering certain war-risk covers for fixed-premium assureds.
NorthStandard has also issued a notice covering certain war risks in the Indian Ocean, Gulf of Aden and Red Sea.
The cancellations apply to specified covers and geographical areas and do not represent a blanket withdrawal of all insurance cover in the region.
Tensions in the Red Sea have escalated after recent attacks on vessels by the Houthis.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
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| Fujairah | 960.00 | 15.50 | 1694.00 | 18.50 |
| EMEA Average | 867.50 | 6.00 | 1723.00 | 13.50 |
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| Global 4 Ports Average | 819.00 | 18.00 | 1452.50 | 23.00 |
| Global Average Bunker Price | 925.50 | 3.50 | 1603.50 | 7.00 |
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