Rates for both crude and products tankers fall by 8.11% and for bulk carriers, containerships and other dry cargo vessels by 6.05%.

But there is no reduction for cruiseships or passenger ferries reflecting the continued impact of the huge Costa Concordia claim.

The reduction is the first since the January 2012 and October 2011 loss of the Costa Concordia and Rena sent reinsurance rates soaring.

The