Marine insurance premiums to rise after Sirius Star theft
Somalia-based pirates have captured a fully laden Saudi oil supertanker the Sirius Star in the biggest act of piracy ever. Insurance premiums are expected to soar.
Reports suggest the ship is holding $100m-worth of crude oil (£67m).
Shipping analysts said that the cost of transporting freight would leap as a result of higher insurance premiums and an increase in charter rates.
The Sirius Star is the latest and largest of more than 60 ships seized off the Somali coast this year.
