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Shippers skip Middle East ports to avoid excess war-risk premiums

Cargo ships

Shippers are minimizing time spent in the Middle East to avoid paying additional war-risk insurance premiums of up to $100,000 after recent tanker attacks in the region, Hellenic Shipping News Worldwide reported citing sources. Shippers are scaling back marine fuel purchases from the port of Fujairah in the United Arab Emirates and are turning primarily to Singapore to buy the fuel.

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