Weight of Freight: Red Sea Conflict Risks and Insurance
Three months after the car carrier Galaxy Leader was hijacked in the Red Sea, attacks on merchant shipping in the region have continued. Freight and insurance costs have risen with diversions around the Cape of Good Hope adding another three weeks to voyages.
Munro Anderson, head of operations at marine war risk insurer Vessel Protect joins Argus' crude freight reporter Matthew Mitchell to discuss the risks faced now by shipowners and charterers.
Key topics covered in the podcast:
- How marine risk insurance works
- What risk insurers consider and how quickly they can respond to events
- The situation now in the Red Sea and how it has developed
- The effectiveness of US, UK and coalition actions in the Red Sea and Gulf of Aden in reducing the risks
- Insurers' approach to sanctions
- The situation in the Black Sea now
- The outlook for marine risk insurance
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