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Shippers face ten-fold rise in tanker insurance rates

Posted On: Jun. 21, 2019 6:12 AM CST

Oil tanker

Japanese shippers said that marine insurance rates for tankers sailing through the Strait of Hormuz in the Middle East have increased ten-fold after a series of attacks against vessels in the region, Nikkei Asian Review reported. The rates are likely to increase further if tensions between the United States and Iran remain heightened, the shippers added.

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