“The cost of shipping is now very high because they increase it almost on a monthly basis. A breakdown of the security cost by OBP showed that coastal states incurred personnel costs of about $213.7 million; affiliated escorts, $9.4 million; and private patrols, $134.9 million per year. On insurance cost, the report states: “In addition to war risk insurance premiums, a number of ship operators take out risk insurance as additional protection for their crew. It adds: “The threat of piracy may lead to increased cargo insurance premiums. Any ship that goes five degree east will have what is called, ‘war risk premium’.

Source: The Guardian June 04, 2018 04:30 UTC