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| Today: 09 February 2010 Time: 11:06 PM |
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| Insurance rates for oil tankers up 30 pct despite global crisis |
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| Power & Materials 3/30/2009 5:00:00 PM |
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KUWAIT, March 30 (KUNA) -- Insurance prices for oil tankers have increased
between 20 and 30 percent in spite of the current financial crisis, Chairman
of the Board and Managing Director of Kuwait Oil Tanker Company Nabil Burisli
said here Monday.
The rise is due to piracy in the Gulf of Aden, he told KUNA, adding that
the downturn in the global economy and the subsequent decline in the prices of
many goods and services "are supposed to reflect on the price of insurance,"
but only on a limited scale.
He explained that the company is currently considering how to take
advantage of the conditions of the current financial crisis by reviewing and
making most use of its current contracts.
Piracy has increased in recent months in the Gulf of Aden and the strait to
the Red Sea, affecting the movement of global transport via the Suez Canal.
This prompted many major countries to send troops to protect commercial ships
passing through this sea route. (end)
ahg.aa.hai
KUNA 301700 Mar 09NNNN
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