Tanker-Lease Costs to Soar in Case of Iraqi War

Experts predict that tanker-lease costs will increase by 40 percent, in case the United States attacks Iraq; meanwhile insurance premiums would skyrocket 5-10-fold.

Right now, it costs $65,000-69,000 per day to lease a tanker carrying up to 2 million barrels of oil from the Persian Gulf to the United States, the Al Ittihad newspaper (United Arab Emirates) writes. Tanker-lease costs would rise by 40 percent in case of a possible war against Iraq, what with tanker-insurance and freight-insurance premiums soaring 5-10-fold.

Starting with October 2001, aircraft-insurance, ship-insurance and freight-insurance premiums for the war-risk zone north of the 27-th parallel have increased by 100 percent. This war-risk zone includes all Persian Gulf countries.