Weight of Freight: Red Sea Conflict Risk and Insurance

Three months after the car carrier Galaxy Leader was hijacked in the Red Sea, attacks on merchant
shipping in the region have continued. Freight and insurance costs have risen with diversions around
the Cape of Good Hope, adding another three weeks to voyages. Munro Anderson, head of
operations at marine conflict risk insurer Vessel Protect, joins Argus' crude freight reporter Matthew
Mitchell to discuss the risks faced now by shipowners and charterers.

 

Key topics covered in the podcast:

 

• How marine conflict risk insurance works
• What conflict risk insurers consider and how quickly they can respond to events
• The situation now in the Red Sea and how it has developed
• The effectiveness of US, UK and coalition actions in the Red Sea and Gulf of Aden in reducing the risks
• Conflict risk insurers' approach to sanctions
• The conflict risk situation in the Black Sea now
• The outlook for marine conflict risk insurance