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$ 1m to insure a tanker

Shipowners warned yesterday that soaring insurance premiums on tankers loading in the Middle East might add 50 cents a barrel to the cost of Iranian or Iraqi crude. London underwriters were asking for the equivalent of 1% of the insured value of the ship, amounting, in many cases, to $1m a voyage. This comes on top of higher oil prices and increased charter fees for large tankers.

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