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Intertanko is saying this…
https://en.wikipedia.org/wiki/International_Association_of_Independent_Tanker_Owners
They’re third party shippers and if tankers have to pay, that’s their profits.
But the oil companies are gonna pay it anyways, be ause they get the increased profits from the price of oil.
Don’t pay the toll and get attacked? Insurer’s will go for that! Let’s sail!
Even if insurers do pay, it’ll be at current valuations, and the shipyards responsible for these massive things are on like a decade plus wait. Insurers at this scale do not insure future expected income. So the owners will be able to pay off the loans and reimburse the suppliers and then hang around for 10 years with their thumbs up their asses. Yeah, no established capital is taking that risk.
Yep, the Demented one has really caused a big mess that’s beyond his control.
What international norm says you can’t charge people for using your territory?
That would be UNCLOS, United Nations Convention on the Law of the Sea.
And honestly I really like the dry humor that some Wikipedia entries (strait of Hormuz in this case) are written:
To traverse the full length of the strait, ships pass through the territorial waters of Iran and Oman. Although Iran has not ratified the UNCLOS convention,[19] most countries, including the U.S. which also has not ratified it,[20] claim the right of passage as codified in the convention.
That’s hilarious. Just pure historical irony.
I learned sth new! Pretty funny indeed
I wonder if insurers already listed clauses to contracts protecting themselves from claims resulting in the destruction of tankers whose owners might choose to navigate through dangerous war zones.
And, if so, I would imagine the owners of those tankers would be well aware of this.
Pretty sure most ship insurers have suspended coverage for vessels around that area.
Fun fact, war is a commonly excluded cause of loss in insurance policies.
There’s a common clause in most commercial B2B agreements called “Force Majeure” which protects one or more parties in case of an unforseen event. War is usually one of the points in such a clause.
