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Tanker freight rates soar in aftermath of Oman tanker attacks

FREIGHT rates for modern tanker tonnage have soared almost 40 per cent in the first market test for modern, very large crude carriers loading Middle East crude since the recent incendiary attacks on tankers in the Gulf of Oman, reports Lloyd's List

Tanker freight rates soar in aftermath of Oman tanker attacks

FREIGHT rates for modern tanker tonnage have soared almost 40 per cent in the first market test for modern, very large crude carriers loading Middle East crude since the recent incendiary attacks on tankers in the Gulf of Oman, reports Lloyd's List

25 June 2019 - 19:00

FREIGHT rates for modern tanker tonnage have soared almost 40 per cent in the first market test for modern, very large crude carriers loading Middle East crude since the recent incendiary attacks on tankers in the Gulf of Oman, reports Lloyd's List.

Oil companies face higher premiums to ship Middle East crude as freight rates surge and new charter agreements add hefty marine insurance costs to voyages, said the report.



But shipowners and maritime security companies cautioned owners and operators against paying for armed security guards to accompany any vessels transiting the Strait of Hormuz, saying the risk of triggering a major international conflict was too high.



'Last done' freight rates for modern tanker tonnage soared 39 per cent higher in the first market test for modern, very large crude carriers loading Middle East crude since the June 13 attacks on two tankers in the Gulf of Oman.



War risk premiums have risen tenfold following the mystery explosions on two tankers, which left one ablaze and crippled another, amid rising tension between the US and Iran.



The additional premium levied on war risk cover is now around 0.25 to 0.4 per cent of the value of a VLCC, according to marine insurers surveyed by Lloyd's List. That adds an additional cost of US$171,500 to $274,000 for the voyage based on the price of a five-year-old VLCC.



Since May 24 - and after the May 13 attacks on four tankers off Fujairah - marine insurers have expanded the areas where they can charge additional premiums on war risk.



Now included are the waters off the United Arab Emirates, Saudi Arabia as well as the Strait of Hormuz and Gulf of Oman. Some 16.8 million barrels per day of crude transits through the strategic energy waterway.



'Rates have increased some but not as much as many had thought or even hoped for,' said Oslo-based shipbroker Fearnleys in its weekly report.


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