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RE: Oil Tankers May Shun Somalia due Pirates/Insurance Risk

Home Forums Refining Community Refinery News Oil Tankers May Shun Somalia due Pirates/Insurance Risk RE: Oil Tankers May Shun Somalia due Pirates/Insurance Risk

#6449

Charles Randall
Participant

As article indicates if Egypt doesnt get off its but & protect the Suez then they will lose a lot of money and ships will just take long way around;  they price canal rates so that is usually ~cost neutral anyway, so its just time vs. risk……and now risk is too high (especially with insurance cost for trying added ontop).
 
Someone somewhere is already saying ok lets just avoid the MidEast and Suez Canal because of insurance cost and risk going thru it.
 
Regards

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