⚓️ Reinsurers Scrap War-Risk Cover After US Torpedoes Iranian Ship

London-based reinsurers are issuing seven-day cancellation notices on marine war-risk coverage after a US submarine torpedoed an Iranian warship off Sri Lanka, amplifying risk perception, according to people familiar with the matter.

Shipping lines can seek to reinstate coverage through buybacks once policies lapse, but the cost of doing so has surged beyond typical wartime adjustments, the people said, asking not to be identified because the information is private. Rates that usually climb up to 50% in wartime have instead tripled in some cases — rising to $750,000 per vessel from $250,000, they said.

Most policy cancellations have been initiated since Thursday, the people said, adding that premiums vary depending on vessel flag, ownership, and ports of call. Bloomberg News has seen a cancellation notice dated as recently as March 4 — the day a US submarine sank the Iranian warship.

The US submarine attack in international waters — the first time since World War II that an American sub has attacked a surface vessel — has further triggered a surge in risk premiums for hull and related marine coverage. The Indian Ocean strike, far outside the Middle East war zone, underscored fears that the conflict’s impact is widening geographically, the people said.

🔗 https://gcaptain.com/reinsurers-scrap-war-risk-cover-after-us-torpedoes-iranian-ship/

🛢 WTI Crude surpassed the 90$ mark

Brent Crude surpassed the 92$ mark.

@CIG_telegram

#BREAKING
🇸🇦🇮🇱🇺🇸❌🇮🇷 — Insane footage of an Iranian ballistic missile hitting Prince Sultan Airbase in Saudi Arabia very close to US Army soldier recording the footage.

🇮🇷⚔️🇺🇸 The magazine, Foreign Policy, says it will take Raytheon somewhere between 5-8 year to rebuild the AN/FPS-132 Block 5 Early Warning Radar which Iran destroyed in the opening hours of the Israel-Iran War in Qatar.

The radar will be rebuilt from scratch and cost another 1.1 billion$.

Lockheed Martin will need somewhere between 12-24 months to replace the AN/TPS-59 radar destroyed by Iran at the Manama Naval Support Station.

Gallium, a key component in microwave, fast-switching and infrared circuits is monopolised by China who controls 98% of the world's supply of gallium.

@CIG_telegram

🇮🇱🇮🇶 — Earlier today, the IAF released a video of a squadron of fighter jets claiming to be flying above Tehran Province, commemorating Sabbath.

However, one part of the video has been geolocated above Iraq’s Kurdistan, specifically near the Dukan Lake.

📍 Coordinates:

36.1401838, 44.9081276

📉 BlackRock just froze $1.2 billion in withdrawal requests at its private credit fund.

Here's what happened:

• Investors in BlackRock's $26B fund asked to pull out 9.3% of their money
• BlackRock said no — capped withdrawals at 5%
• Blackstone's $82B fund saw record withdrawal requests the same week
• Blackstone had to put in $400M of its own cash to cover the exits

🔗 https://blockonomi.com/blackrock-blk-stock-plunges-5-as-26b-private-credit-fund-limits-investor-exits/

🛢 WTI Crude now trades for 92.2$, adding two dollars to its price in an hour

Brent Crude now trades for 94$

Murban Crude went up to 102$

@CIG_telegram