24JUN2019 - NEWS - Gulf attacks lead to 10-fold surge in tanker insurance rates

Insurance rates for tankers sailing through the Strait of Hormuz are now 10 times more expensive than before the two attacks on tankers in the Gulf of Oman on June 13, sources within the Japanese shipping industry have revealed.

The strait is a critical passageway for fossil fuels bound for East Asia, and insurance rates may rise even further if the tensions between the US and Iran continue to escalate. The higher insurance rates have a knock-on effect on the price of oil.

Published by Editor - www.Livebunkers.com at 24-Jun-2019 07:16:46 [UTC] , contact editor at editor@livebunkers.com