A massive increase in insurance fees for ships linked to Israel in the Red Sea, and China boosting its balance

Insurance costs for cargo ships crossing the Red Sea surged unexpectedly on Thursday, following the torching of the oil tanker “SOUNION.”

Exclusive – Al-Khabar Al-Yemeni:

According to Reuters, sources in the shipping market stated that the insurance costs for ships jumped to 0.75% after being around 0.4% of the ship’s value in recent months.

The sources attributed the significant increase to the repercussions of the “SOUNION” oil tanker blaze and fears of potential ship sinkings in the coming period.

Meanwhile, China has successfully reduced insurance fees for its ships due to the decreased risk of targeting them in the Red Sea.

Yemen has been carrying out operations since last November against ships linked to the Israeli occupation or heading to its ports, but it has escalated its targeting in the fourth phase with its decision to ban navigation to all Israeli ports.

Yemen’s operations have witnessed a dramatic shift in recent weeks, with its decision to torch and sink ships that ignore warnings about sailing towards occupation ports, extending it to the Mediterranean Sea.