Insurance prices highly affected by piracy acts off the country's coasts

The insurance premiums for container ships have increased for ships that are sailing along the maritime routes off the coast of Somalia. This increase has been very significant in the recent year. Ship owners have to pay an additional premium for sailing in the Gulf of Aden and in some areas of the Indian Ocean. Big-tonnage vessels are also targeted by this measure. At the end of November, Lloyd's have extended the additional premium areas to more than 1100 miles off the Somali coasts. For an insured value of 100 000 000 USD, a ship owner used to pay a premium of 20 000 USD in 2008. This very same premium amounts now to 150 000 USD.

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