Tag: Tanker Shipping

By Shaina Cole | Contributing Writer, Rocky Mountain Voice The next jump in gasoline prices might not start at an oil well or a refinery. It could start in the insurance market. The change isn’t happening on the water. It’s happening in insurance offices. Marine insurers have started canceling or sharply increasing the cost of war-risk coverage for ships operating in the Persian Gulf as tensions involving Iran grow. It may sound like a technical insurance decision, but for shipping companies it can determine whether a tanker sails or waits. When coverage disappears — or becomes too expensive — ships often wait. And some already are. Shipping reports indicate vessels have slowed or anchored near the Strait of Hormuz while insurers review the risks a...