Subscribe to RSS feedBan on ransoms could send premiums soaring
by
Keith Wallis, Singapore
—
last modified
May 26, 2010 10:18 AM
SAFETY FEARS: Filipino seafarers from Stolt Strength are reunited with their wives last year, after being held for five months by Somali pirates. A US$2.5m ransom was reportedly paid.
SHIPOWNERS could see ship insurance premiums soar if the US persists with plans to outlaw ransom payments to pirates.
BIMCO chief security officer Giles Noakes also warned that insurers might be unwilling to provide cover for vessels.
If owners of...
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