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Shippers unlikely to see lower insurance premiums despite lesser Indian Ocean piracy risk: sources

August 23, 2022 Comments Off

Shipowners and charterers carrying commodities in the Indian Ocean are unlikely to see lower insurance premiums in the near term despite industry bodies’ decision to remove the region’s High Risk Area, or HRA, status, several maritime executives said Aug. 23. The piracy situation near Somalia has improved, which has warranted the decision of key international shipping associations to remove its…