TANKERS – Maritime threats prompt heightened security

The attacks on tankers have pushed up the operating costs and prompted market participants to scale up their security procedures
Straight of Hormuz

Singapore — The attacks on tankers in the Middle East in recent months have pushed up the operating costs and prompted market participants to significantly scale up their standard security procedures to adjust to maritime threats, shipping insurers, security officials, owners and charterers said.

Ships transiting the Middle East and Persian Gulf region area have implemented additional security measures and “we are staying in close touch with all [shipowner members operating there],” said Svein A. Ringbakken, Managing Director, Den Norske Krigsforsikring, or DNK. It is the world’s largest provider of maritime war risk cover, insuring over 3,000 ships for more than $217 billion.

At any given time, between 30 and 40 ships operating in the Middle East region are insured by DNK.

Two of the tankers attacked in May-June, the Front Altair and Andrea Victory belong to DNK members.

Neither of the attacks on these two tankers resulted in loss of life or serious injury to crews and are being repaired for return to service but an enhanced threat is perceived on commercial shipping in the Middle East region, that is particularly directed against oil and gas carriers, said Lars Benjamin Vold, a senior security analyst with DNK.

SOURCE: S&P Global. Continue reading…

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