Faced with growing tensions, marine insurers have taken the unprecedented step of excluding war risks from their coverage, pushing ships to take alternative routes that are both longer and more expensive. 💸
This situation has a direct impact on oil transport costs, with rates for Very Large Crude Carriers (VLCCs) reaching unprecedented heights.
This situation prompts us to reflect on the vulnerabilities of our supply chains and our dependence on fossil fuels. But it also opens the debate on possible solutions for a more sustainable and secure future. 🛢️🌱
What solutions can be envisaged to reduce the impact of geopolitical crises on shipping and energy markets?
To read the news ➡️ https://www.freightwaves.com/news/war-risk-exclusions