13 Feb '11, 10pm

Consumers to bear brunt of increased shipping insurance costs

SINGAPORE - Freight rates for the shipping industry are set to rise this year on the back of higher marine insurance costs, fuelled by concerns over continued incidents of piracy off the coast of Eastern Africa and the recent political unrest in the Middle East. A typical bulk carrier valued at US$50 million ($64 million) will now have to pay an estimated additional premium of US$50,000 a month. Shipping analysts say shipowners who incur the insurance costs are passing the bulk of these to the shipliner companies, by charging them higher freight rates. Shipping liners, on their part, are unlikely to absorb these additional costs, which means that the higher freight rates will be passed on to consumers, and contribute to inflation already on the rise. Singapore's inflation was 4.6 per cent in December last year, its fastest gain in two years, and is expected to rise further...

Full article: http://www.todayonline.com/Business/EDC110214-0000122/Fre...

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