Israeli Maritime Trade Made More Costly by Conflict

by Ship & Bunker News Team
Tuesday November 14, 2023

The continuing Israel/Gaza conflict has seen war risk premiums for ships bound for the Middle East state rise tenfold.

As fears grow that the conflict may engulf the region, industry stakeholders have asked the Israeli government for assistance, acccording to Dryad Global.

Israel has announced plans to compensate ships damaged in the conflict, the maritime risk consultancy said.

Israeli ports have not been attacked, however concerns about the security of Israeli waters are mounting, leading to a shift in shipping routes and heightened precautions, it added.

"The Marshall Islands register upgraded the safety level for Israeli waters to the maximum level, potentially dissuading port visits.

"Additionally, crude oil tankers heading for Ashkelon were redirected to Haifa and Eilat due to worries about Israeli waters.

"While Haifa is more convenient in proximity to the nation's refineries, Eilat is considered more secure," Dryad said.

There have been reports of ncoming rocket sirens sounding at Eilat on November 14. The cause is under investigation by the authorities, according to local media reports.