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Insurance rates for oil tankers up 30 pct despite global crisis
Power & Materials    3/30/2009 5:00:00 PM
 
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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