High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
The club’s reinsurance program will be affected by the new European Union sanctions which “will impact [its members’] ability to make a recovery from Japan P&I as the Club is not able to pay out on claims in relation to which it can make no recovery from reinsurers,” the club said in a statement posted on its website.
However, “the Japan Club may continue to insure non-EU based members who transport Iranian crude oil” as long as the ships involved aren’t registered within the EU, the voyage is outside the jurisdiction of the EU and no EU nationals are involved, it said.
-By Benoit Faucon; Dow Jones Newswires
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