Insurance brokers cash in as war-risk rates soar in wake of attack on Sabiti

War-risk insurance rates have hit new highs after the missile attack on an Iranian tanker off Saudi Arabia earlier this month.

Shipowners are being quoted between 0.25% and 0.35% of total insured hull value for seven-day war-risk cover in the designated high-risk zone after the incident involving the National Iranian Tanker Co's 160,000-dwt Sabiti (built 1999).

Some underwriters are now pricing risk higher than at the height of the Middle East Gulf crisis in May amid fears of further tit-for-tat tanker attacks in the ongoing standoff in the region.