The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for trade route, industry sources said on Wednesday.Iran-aligned Houthi militants first launched aerial drone and missile strikes on the waterway in November in what they say is solidarity with Palestinians in Gaza.
Britannia, the insurer of container ship the Dali, is working with the vessel's owner and U.S. authorities on the investigation into the collapse of Baltimore's Francis Scott Key Bridge, the insurer said on Thursday.The bridge collapsed on Tuesday after the Dali suffered a power outage and struck a pylon, causing huge disruption in the port.
Baltimore's Francis Scott Key Bridge collapse could cost insurers several billions of dollars in claims, sources say, but it is too early to calculate the likely full financial losses of the tragedy that has shuttered one of the busiest ports in the United States.Six peopleare still missing after a collision with a Singapore-flagged container ship destroyed the landmark bridge on Tuesday
Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea
War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers.
Norwegian car shipping firm Wallenius Wilhelmsen estimates a $5 million to $10 million hit to core earnings from last week's U.S. Baltimore bridge collapse and expects the key ship channel to be closed for weeks, it said on Wednesday.The company said its vessel Carmen - which according to shipping data is among the biggest car carriers in its fleet - remained stuck in Baltimore's port
Lloyd's of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore's Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday.Some estimates for the total insured losses from the bridge collapse run into billions of dollars, given the loss of lives, bridge repair costs and traffic re-routing.
Commercial ships face increasing dangers at sea after armed groups have attacked and seized vessels in waters around the Red Sea and off the coast of Yemen, adding to perils for seafarers, shipping officials said on Wednesday.An attempted hijacking of a commercial vessel in the Gulf of Aden on Sunday appears to have been carried out by armed Somali pirates and not Yemeni Houthis
HII announced that Peter Courtney has been promoted to corporate vice president of legislative affairs and Betsy Bina Benedict will join HII to serve as the director of legislative affairs. Courtney succeeds Carolyn Apostolou who retired in December after 10 years with the company.