Japan insurers weigh higher premiums for shipping near Iran, Nikkei Asia reports
Newsquawk Staff ·
- Tokio Marine & Nichido Fire Insurance, Mitsui Sumitomo Insurance and Sompo Japan are considering adding waters around Qatar and Kuwait to their list of high-risk areas, which already include Iran and the United Arab Emirates. The additional premiums will be negotiated with individual shipping companies.
What it means
This indicates a potential escalation in risk perception for shipping routes near Iran, which could lead to higher shipping costs and impact commodity prices, especially oil. If insurers are adjusting premiums due to perceived risks, it may reflect concerns about possible geopolitical tensions or disruptions in these shipping lanes, affecting overall market sentiment in commodities and related sectors.
Sources
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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