Red Sea trade route will remain too risky even after Gaza ceasefire deal, industry executives say

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Economic Times Logo Economic Times 9h ago

Red Sea trade route will remain too risky even after Gaza ceasefire deal, industry executives say - Economic Times

Quick Summary:

Executives from various industries highlight the high risks and additional costs of war risk insurance, leading to continued route changes and increased travel expenses as they avoid the Bab al-Mandab strait.

Insurance sources said on Friday that additional war risk premiums were quoted between 0.6% and up to 2% of the value of the vessel if a ship had any links to Israel or the U.S.and were broadly unchanged in recent months.

Higher war risk insurance premiums, paid when vessels sail through the Red Sea, have meant additional costs of hundreds of thousands of dollars for a seven-day voyage for any ships still sailing through the area.