Tankers shell out extra insurance costs amid escalation in West Africa piracy

Intertanko raises thorny issue of insurance premiums.

Tankers moving through the Gulf of Guinea in West Africa are paying additional insurance premiums compared with relatively safer sea lanes due to escalation of piracy incidents and sea robberies in the region, and there will be serious concerns if these criminal activities become enmeshed with political disputes, a senior industry official said Tuesday.

Additional premiums have to be paid by shipowners if their ships move through, load or discharge cargoes from this region, Intertanko’s London-based Marine Director, Phillip Belcher, said on the sidelines of the International ‘Safety at Sea’ conference in Singapore.

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Source: platts.com

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