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Sinking of bulk carrier drives fresh surge in insurance costs

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Marine

The sinking of Liberia-flagged, Greek-owned coal carrier, MV Tutor, has increased the risk of navigating the crucial Bab el-Mandeb chokepoint in the Red Sea to a new level and is also diving a fresh rise in insurance costs, gCaptain reported citing Bloomberg. The price of covering vessels for transit increased to about 0.6% from between 0.3% and 0.4%. Yemen’s Houthi militants struck the vessel with a seaborne drone, claiming the life of one crew member and injuring others.

 

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