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War surcharges for ME and South Asia withdrawn

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Shipping Lines have recently taken back war surcharges that had been imposed on all cargo containers headed towards Israel and Middle East from Europe since last September. Since US began its crackdown against terrorism in Afghanistan the regions of Middle East and South Asia have been struggling with soaring freight and insuring costs as underwriters reassessed the risk to ships docking in the region. The Emery Shipping Alliance which comprises seven lines including P&O Ned Lloyd said that following efforts by member lines in discussion with their insurance underwriters the additional premium advised for vessels serving the Middle East Gulf ports have been reduced.”

posted 24^th June 02

Dubai Shipping company has signed an agreement with Mashreqbank to borrow $ 63 million to help fund the purchase of vessels.

“We intend to use the loan refinance current equipment in addition to partially funding the purchase of some ships,” an official spokesperson said.

Dubai Shipping Company is a subsidiary of state-owned Emirates National Oil Company

posted 24^th June 02