City News

They're all insured up to the eyeballs though aren't they? If you were a Polynesian/Russian/HK crew member earning practically nothing, I'm sure you're not going to try and protect the cargo, cos you're not going to get any money for losing a leg, but the owner of the cargo will get reimbursed by Lloyds.

Fun that the price of a barrel of oil went up by a dollar cos of some Somalians with a rubber dinghy.

Marine underwriters at Lloyds are loving this. Premium rates in the marine market have been very low. These attacks allow rates to climb across the board while, at the same time, presenting a very good chance of a full or near full recovery.