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Monday, July 24, 2006

Ship insurance rates to rise in Middle East


Reportedhere:
With the worsening conflagration in Lebanon-Israel and the resulting consequences for maritime traffic, ship operators are bracing themselves for a hike in war risk insurance premiums for vessels that transit the Eastern Mediterranean.

The 12-member Europe Mediterranean Trade Agreement that includes A.P. Moller-Maersk, Mediterranean Shipping Company and CMA CGM issued a statement: "In the event that extra costs do arise for war risk insurance, the lines wish to inform their customers that they will have no option but to pass these on to customers by way of a war risk surcharge with immediate effect".
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The US National Geospatial-Intelligence Agency has also issued a warning that due to 'armed conflict' Israeli naval ships have established a closure area in the Eastern Mediterranean Sea off the coast of Lebanon (between 34-05N and 33-06N and between 034-00E and the coastline). Ships will not be allowed to enter or exit the area and all commercial vessels are being advised to keep well clear of the specified zone.

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