Insider Business Increased risk and cost for supertankers

Increased risk and cost for supertankers

Insurance premiums for supertankers going through the Gulf are soaring after last week’s second spate of attacks.

The Norwegian-owned Front Altair and the Japanese-owned Kokuka Courageous were both hit by explosions, forcing crews to abandon ship and leave vessels adrift in waters.

At the same time, a spokesman for Diaplous Maritime Services Ltd which is a Security Company providing professional risk management solutions, both maritime and land based, told INSIDER that submitted security requests for merchant ships crossing the Straits of Hormuz increased by 12% over the past week.

Demetris Maniatis also said that additional risk premiums are further increasing for merchant ships that stay longer than a day in high risk areas such as the South Eritrea Sea, the Gulf of Oman and the Gulf of Aden.

Established in Cyprus in October 2010 and having a branch in Athens, Greece, Diaplous has so far conducted some 9200 operations focusing on providing security services to commercial ships.

One of the biggest insurers of merchant ships in high-risk areas is Hellenic War Risks Club, which is of Greek interests. A total of 2,719 ships of various types, such as cargo vessels, tankers, liquefied natural gas transport vessels are registered with Hellenic War Risks Club. They are worth over US$100 billion.

The fund’s reserve stands at US$114 million, according to the most recent financial data for 2017. The majority of insured ships are cargo (55%), followed by tankers (28%).

 

Read more:

https://in-cyprus.com/hellas-direct-and-revolut-join-forces-to-disrupt-the-insurance-sector-in-greece-and-cyprus/

 

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