2019/07/03 10:42:24 | Code: 191577 |

CMA CGM announces War Risk Surcharge in Middle East

CMA CGM informed that after considering the recent incidents in the Strait of Hormuz and the related significantly increasing insurance costs in the Middle East Gulf region, it decided to implement a War Risk Surcharge.

TINNews |

CMA CGM informed that after considering the recent incidents in the Strait of Hormuz and the related significantly increasing insurance costs in the Middle East Gulf region, it decided to implement a War Risk Surcharge.

The War Risk Surcharge will apply from July 5th, 2019, for all trades, except USA and China (August 1st, 2019):

From/To Oman, the UAE, Qatar, Bahrein, Saudi Arabia (Dammam and Jubail), Kuwait, Iraq.

CMA CGM added that additional countries might be added depending on the situation in the area.

This comes on the aftermath of two tanker attacks at the Strait earlier in June, which escalated the existing tension between Iran and the US.

On Thursday, 13 June, the Panamanian flagged tanker 'Kokuka Courageous' and the Marshall Islands-flagged tanker 'Front Altair', were hit in two subsequent suspected attacks in the Gulf of Oman, which left the one vessel ablaze and both adrift.

The incident came only a month after a similar incident in which four tankers were struck off Fujairah.

The US has accused Iran of being behind the attacks in the major strategic waterway for world oil supplies, which caused oil prices to surge by 4%. Iran rejects the allegation.

The US Navy has had a permanent presence in the Persian Gulf since 1949.