The Insurance Freeze: Spiking war-risk premiums have made it economically impossible for tankers to enter conflict zones. This blockade is enforced by the “additional premium” system, and insurers issue a seven-day notice of cancellation, reinstating coverage only for a massive fee, often reaching 1% of the ship’s total value for a single transit or a seven-day call. For a $120 million Very Large Crude Carrier (VLCC), a single voyage now costs over $1 million in insurance alone, turning profitable journeys into guaranteed financial losses that can bankrupt an operator.
All three countries stopped short of questioning the legality under international law of the US-Israeli strikes. Querying Washington was also conspicuously absent from the raft of tweets the EU's foreign policy chief, Kaja Kallas, has been posting.
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