Importers Pay N988bn Risk Surcharge For Nigerian-bound Vessels

By YUSUF BABALOLA

Nigerian importers have paid about $2.74 billion (N987.77 billion at prevailing rate of N360/$) in three years following the categorisation of Nigerian waters as a war risk, a development that spiked insurance premiums slammed on vessels and cargoes destined for Nigeria. 

LEADERSHIP recalls that foreign shipping companies slammed war surcharge premium, a supplementary carrier charge that is only applied when insurance underwriters designate specific zones as war risks.

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Source: leadership.ng

Boundaries of Piracy High Risk Area Reduced

The geographic boundaries of the ‘High Risk Area’ for piracy in the Indian Ocean have been reduced.

An industry group of shipping and oil industry organizations BIMCO, International Chamber of Shipping (ICS), INTERCARGO, INTERTANKO and the Oil Companies International Marine Forum (OCIMF) are responsible for setting the High Risk Area, and they emphasize that a serious threat remains despite the reduction to the area’s geographic boundaries and that correct reporting, vigilance and adherence to 5th edition of the best management practice (BMP5) remains crucial.

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Source: maritime-executive.com