Recent seizures and attacks aimed at oil tankers in the Strait of Hormuz will raise insurance rates for shipping companies and, if unchecked, reduce tanker traffic in the vital waterway, according to energy experts. Iran on Friday seized a British-flagged oil tanker and a second Liberian-flagged ship
Recent seizures and attacks aimed at oil tankers in the Strait of Hormuz will raise insurance rates for shipping companies and, if unchecked, reduce tanker traffic in the vital waterway, according to energy experts.
"If this kind of problem continues, you might see people start to shy away from the Gulf or try to reflag — not be a British tanker," said energy economist Michael Lynch. Richard Nephew, a Columbia University researcher who wrote a book on sanctions, also believes the tanker seizures could create"a real risk premium" for companies that operate in the Gulf and insurers that underwrite them.
On Friday, Iran's Revolutionary Guard said it took the British tanker Stena Impero to an Iranian port because it allegedly violated international shipping regulations. An Iranian news agency said the Liberian-flagged Mesdar was briefly detained and then released after being told to comply with environmental rules.
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