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And using the Red Sea now requires expensive war risk insurance.

“We are not fair weather underwriters,” said Munro Anderson, head of operations at Vessel Protect, a marine war risk insurance firm.

Extra costs include higher pay for crew, more fuel and the huge increase in "war risk" insurance that ships need to navigate the Red Sea region.

War risk insurance premiums have risen to as much as 3% of the value of a vessel after a missile damaged a merchant ship in the Ukrainian port of Pivdennyi last week, industry sources said.

War risk insurance remains one of the critical issues for securing the capabilities of the route since Russia keeps targeting it, dropping mines close to the path, Ukraine says.