Reuters exclusively reported that insurance companies have notified charterers of ships operating in Russia’s Black Sea ports of an increase in additional payments known as “war risk premiums.”
Energy
Insurers raise premiums for Black Sea tankers as tensions mount
23 August 2023, 5:12 pm 1 minute
Market Impact
The war risk premium was increased from around 1% of the cargo’s cost to some 1.20-1.25%, which means every voyage will cost $200,000 per one Suezmax tanker (can carry 120,000-200,000 tonnes) more if Russian oil is delivered to India. The rise in the premium means the overall cost of the premium will be almost $1 million.
Article Tags
Topics of Interest: Energy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: AsiaEurope
Countries: IndiaRussia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
