EUROPE/MIDDLE EAST CARRIERS CUT INSURANCE SURCHARGE
Shipping lines of the Europe Middle East Rate Agreement will reduce their extra risk insurance surcharge from $17 to $8 per TEU on Thursday (Aug. 1), saying that insurance underwriters have lowered insurance premiums for vessels serving Middle East Gulf ports.
The carrier group said that its member carriers will continue to try and persuade insurers to reduce or remove surcharges as soon as conditions in the region return to normal.
The insurance surcharge was introduced last October after the Sept. 11 terrorist attacks in the U.S.