Reuters: Rising Red Sea Shipping Insurance Fees

The increase in insurance premiums for shipping cargo across the Red Sea came after the Yemeni Houthis announced an immediate blockade of navigation in the Bab el-Mandeb Strait, heightening the risks of war affecting oil supplies and global trade. The escalating dangers have led to an rise in insurance premiums to approximately 0.75% of the vessel's value, up from 0.3% prior to the announcement, potentially adding hundreds of thousands of dollars to seven-day journeys. A complete closure of the strait, which links the Red Sea to the Gulf of Aden, threatens to disrupt Saudi oil exports to Asia and reduce global oil supplies by as much as 7%.

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