EUROPE/SAUDI ARABIA LINES INTRODUCE JEDDAH INSURANCE SURCHARGE

EUROPE/SAUDI ARABIA LINES INTRODUCE JEDDAH INSURANCE SURCHARGE    Shipping lines of the Jeddah Service Group, a conference in the Europe/Red Sea liner trade, have announced the introduction of an insurance surcharge of $16 per TEU at the port of Jeddah, effective Thursday (Oct. 24).
   “As a result of the worsening security situation in the region, insurance underwriters have again introduced extra risk additional premia for vessels serving Jeddah,” the conference said.
   The carrier group said that these extra risk insurance costs have now increased to a level where the shipping lines can no longer absorb them.
   The conference said that it would review regularly the level of the “extra risk insurance surcharge” and continue to try and persuade insurers to reduce or remove surcharges as soon as conditions in the region return to normal.
   The carriers of the Jeddah Service Group are CMA CGM, Hapag-Lloyd, Maersk Sealand, NYK Line, P&O Nedlloyd and United Arab Shipping Co.