World News
Insurers Cancel Policies for Ships in Middle East After Iran Strikes: Report
Insurers are reportedly in some cases cancelling policies for ships operating in the Middle East following strikes on Iran on Saturday.
War risk insurers have submitted some cancellation notices already for policies covering ships moving through the Strait of Hormuz, news provider the Financial Times reported on Saturday, citing insurance broker sources.
Insurance prices for others in the region could be raised by as much as 50% in the coming days, according to the report.
The US and Israel attacked a series of military facilities in Iran on Saturday, with Iran responding with strikes on US bases across the Middle East.
Commercial ships in the region have been receiving VHF broadcasts claiming the Strait of Hormuz has been closed. according to the UK Maritime Trade Operations agency.
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 |
| 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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