Business Daily from THE HINDU group of publications
Monday, Jul 24, 2006
Business Daily from THE HINDU group of publications Monday, Jul 24, 2006 |
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Logistics
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Shipping West Asian ports may attract cargo surcharge
If the reports doing the rounds in shipping circles are any indication, the strife-torn West Asian ports may attract cargo surcharge as several leading shipping lines of the world are considering a levy on cargo transported to countries in the eastern Mediterranean following the outbreak of hostilities between Israel and the Hezbollah. The 12-member Europe Mediterranean Trade Agreement is believed to be assessing the implications of the conflict on insurance costs for vessels calling at ports in the region or transiting through them. In the event that extra costs are incurred on account of war risk insurance, the lines will have no other option but to pass on these to customers by way of war risk surcharge with immediate effect. The announcement will be made soon, it is learnt.
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