Welcome news for shipping companies.
Ships get relief from piracy insurance premium at Indian ports
Ships entering or leaving Indian ports need not pay additional war risk premium (ARWP) any more, after seas close to India’s western coast were removed from the list of the High Risk Areas for piracy.
The development has come after seas close to the country’s western coast were removed from the list of the High Risk Areas (HRA) for piracy. About 22,000 ships, that called on Indian ports between 2010 and 2015, paid an estimated additional war risk premium (AWRP) of about Rs 8,500 crore.
To continue reading, please click here.
Tags: anti piracy maritime security, anti-piracy, counter piracy, Gulf of Aden, hijack, Hostage, hostages, HRA, India, Indian Ocean, Indian ports, maritime crime, maritime piracy, Maritime Security, Piracy, Pirate, pirate attack, Pirate attacks, Pirates, ransom, somali, somali piracy, somali pirate attacks, somali pirates, Somalia, War Risk insurance