Insurance rates 'have increased 10-fold' after attacks in the Strait of Hormuz, shipping CEO says

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Insurance rates 'have increased 10-fold' after attacks in the Strait of Hormuz, shipping CEO says
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Six oil tankers and a U.S. spy drone have been attacked since May either in, or near, the Strait of Hormuz.

citing Japanese industry sources said additional insurance for tankers sailing through the Strait of Hormuz now cost 10 times what it did before two ships were attacked earlier in June.An oil tanker is seen after it was attacked at the Gulf of Oman, June 13, 2019.said insurers began imposing an additional charge of 0.025% of ship value on tankers transiting through the Strait of Hormuz after four tankers were attacked off the coast of the United Arab Emirates in late May.

Flows through the narrow channel in 2018 made up about one-third of total global seaborne traded oil. More than one-quarter of global liquefied natural gas trade also transited the Strait of Hormuz last year.

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