NCRI – The Iranian regime’s biggest crude oil tanker operator NITC said on Friday its ship insurers had declined to renew policy cover for the coming year due to the impact of tightening sanctions in the European Union, Reuters reported on Friday.
The privately owned group said its four P&I clubs had declined to renew cover for the 2011/2012 policy year, Reuters said.
According to the news agency, Andrew Bardot, executive officer with the International Group of P&I Clubs, told Reuters while he was not privy to the specific negotiations he said that the clubs concerned had been liaising closely with NITC and with the UK Treasury “regarding the sanctions applicable to NITC's insurance arrangements.”
วันพุธที่ 9 มีนาคม พ.ศ. 2554
London ship insurers add Libya to high-risk list
LONDON, March 4 (Reuters) - London's marine insurance market has added Libya to a list of areas deemed high risk as violence escalates in Africa's third-largest oil producer, a senior market official said on Friday.
Heavily armed rebels clashed with forces loyal to Muammar Gaddafi on Friday on the outskirts of the key oil terminal of Ras Lanuf as the head of Libya's rebel council vowed "victory or death".
"The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels calling to Libyan ports or waters," said Neil Roberts, a senior technical executive with the Lloyd's Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd's market.
"On the issue of pricing, that's a matter for individual negotiation on a voyage-by-voyage basis. It's likely that things will change on a day-to-day basis," he told Reuters.
Heavily armed rebels clashed with forces loyal to Muammar Gaddafi on Friday on the outskirts of the key oil terminal of Ras Lanuf as the head of Libya's rebel council vowed "victory or death".
"The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels calling to Libyan ports or waters," said Neil Roberts, a senior technical executive with the Lloyd's Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd's market.
"On the issue of pricing, that's a matter for individual negotiation on a voyage-by-voyage basis. It's likely that things will change on a day-to-day basis," he told Reuters.
Marine insurance for shipping firms set to rise this year
SINGAPORE : Marine insurance for shipping companies has increased significantly over the last year and it looks set to rise even higher this year.
Analysts said that a typical bulk carrier valued at US$50 million will now have to pay an estimated additional premium of US$50,000 a month.
This is partly due to rising piracy risks and political unrest in the region.
But analysts said the higher shipping costs would only be passed on to consumers and this would further add to their inflation woes.
Analysts said the outlook for the shipping industry looks rough this year.
Marine insurers are charging shipowners, such as Rickmers Maritime, higher insurance premiums and this will raise shipping rates.
Analysts said this is due to rising piracy risks globally.
Thomas Preben Hansen, CEO of Rickmers Trust Management, said: "There is no doubt, (with) additional war-risk premiums, which (are) put in place in the piracy-prone areas, the typical container carrier is faced with up to 30,000 to 40,000 dollars additional premiums (when) going through the piracy area."
Analysts added that with the political uncertainty in Korea and unrest in the Middle East, the insurance premiums for ships will rise even higher this year.
Teddy Tsai, deputy head of research at DnB Nor Bank, said: "Cargo cover will be influenced by higher events around the world. Last year, we saw things like the Korean missile test and things like that; some of these things can continue this year."
Shipping analysts added that Egypt's popular Suez Canal of the Red Sea is now considered a "higher risk area" by marine insurers.
As the majority of trade from Asia to Europe passes through the Suez Canal daily, most Asian shippers will have to incur these higher insurance premiums.
A spokesperson for General Insurance Association of Singapore (GIA) said that there are two main types of marine insurance - cargo and hull insurance.
GIA added that piracy and hijacking risks would have a greater impact on hull than cargo insurance, and in general, ship owners have to bear the higher insurance costs.
This is particularly so when the piracy involves the kidnapping of the captain and crew members for ransom.
However, shipping experts said that as shipping companies struggle to keep afloat and watch their bottomlines, they are unloading the bulk of these higher costs to their customers instead.
Mr Hansen said: "Whether there is an increase in fuel cost or insurance cost, or charter rates, ultimately it will be priced in the freight rate and passed on the consumer. So our carriers, our customers are paying these additional premiums, for the trade on most of our ships."
As a whole, however, analysts pointed out that overall insurance costs for shipping companies are still relatively low at less than 5 per cent.
Shipping analysts said that shipowners are passing the bulk of these increased costs to the shipliner companies, by charging them higher freight rates. These higher costs will eventually be absorbed by the average consumer on the street.
Analysts said that a typical bulk carrier valued at US$50 million will now have to pay an estimated additional premium of US$50,000 a month.
This is partly due to rising piracy risks and political unrest in the region.
But analysts said the higher shipping costs would only be passed on to consumers and this would further add to their inflation woes.
Analysts said the outlook for the shipping industry looks rough this year.
Marine insurers are charging shipowners, such as Rickmers Maritime, higher insurance premiums and this will raise shipping rates.
Analysts said this is due to rising piracy risks globally.
Thomas Preben Hansen, CEO of Rickmers Trust Management, said: "There is no doubt, (with) additional war-risk premiums, which (are) put in place in the piracy-prone areas, the typical container carrier is faced with up to 30,000 to 40,000 dollars additional premiums (when) going through the piracy area."
Analysts added that with the political uncertainty in Korea and unrest in the Middle East, the insurance premiums for ships will rise even higher this year.
Teddy Tsai, deputy head of research at DnB Nor Bank, said: "Cargo cover will be influenced by higher events around the world. Last year, we saw things like the Korean missile test and things like that; some of these things can continue this year."
Shipping analysts added that Egypt's popular Suez Canal of the Red Sea is now considered a "higher risk area" by marine insurers.
As the majority of trade from Asia to Europe passes through the Suez Canal daily, most Asian shippers will have to incur these higher insurance premiums.
A spokesperson for General Insurance Association of Singapore (GIA) said that there are two main types of marine insurance - cargo and hull insurance.
GIA added that piracy and hijacking risks would have a greater impact on hull than cargo insurance, and in general, ship owners have to bear the higher insurance costs.
This is particularly so when the piracy involves the kidnapping of the captain and crew members for ransom.
However, shipping experts said that as shipping companies struggle to keep afloat and watch their bottomlines, they are unloading the bulk of these higher costs to their customers instead.
Mr Hansen said: "Whether there is an increase in fuel cost or insurance cost, or charter rates, ultimately it will be priced in the freight rate and passed on the consumer. So our carriers, our customers are paying these additional premiums, for the trade on most of our ships."
As a whole, however, analysts pointed out that overall insurance costs for shipping companies are still relatively low at less than 5 per cent.
Shipping analysts said that shipowners are passing the bulk of these increased costs to the shipliner companies, by charging them higher freight rates. These higher costs will eventually be absorbed by the average consumer on the street.
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