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To
avoid importers and exporters
picking up the bill following the
new war risk surcharges being
slapped on shipping lines by
insurers, governments of affected
countries are acting to mitigate
the effects.
Pakistan has indicated that it
would reduce its port and freight
charges to offset import and
export costs that rose as a result
of the war risk insurance levy.
Sources
said the cut could be in the
region of 25 to 50 per cent to
minimise, if not completely
compensate, for the war risk
insurance factor.
The
UAE government had already taken
remedial measures in the shape of
completely underwriting the
shipments to avoid the war risk
levy, while other countries in the
region were planning the same
course of action.
The
impact of this insurance levy that
rose out of the events of
September 11 in the United States
would be more than the recent cut
in oil prices.
It
is understood Israel has also
taken similar measures to
indemnify vessels calling at its
ports to avoid possible disruption
to its trade following moves by
some shipping lines to skip its
ports.
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