FSO Safer: oil transfer coverage at last

Broker Howden has won a tender to insure the risk of oil transfer from the decaying tanker FSO Safer to a replacement vessel. This operation is aimed at preventing an oil spill in the Red Sea.

The 47-year-old FSO Safer is used as a storage and offloading terminal. The shipwreck has been anchored without any maintenance since 2015 off the strategic port of Hodeida, in the war-ravaged west of the country.

In May 2023, a team of experts studied the possibility of transferring the equivalent of over one million oil barrels to the "Nautica", a tanker owned by the United Nations (UN).

Howden has been appointed by the United Nations Development Programme (UNDP) to identify insurable risks and determine the appropriate coverage.