War insurers shrug off Rubymar sinking in Red Sea, rates stable [Yahoo! Finance]
QBE INSURANCE GP S/ADR (QBIEY)
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Source: Yahoo! Finance
Rubymar cargo ship as underwriters had already factored in the casualty after it was first hit by a missile last month, industry sources said. The cost of insuring a seven-day voyage through the Red Sea has risen by hundreds of thousands of dollars since Yemen's Iran-aligned Houthis began attacking shipping in the area in November in a show of solidarity with Palestinians in Gaza. The UK-owned and Belize-flagged Rubymar was abandoned after the Houthis fired a missile at the ship in the southern Red Sea on Feb. 18, leading to a fuel leak and it taking on water. The U.S. military confirmed on Saturday that the vessel had sunk, the first total loss from the attacks in the Red Sea and Bab al-Mandab Strait. Yemen's internationally recognised government pointed out the risk to marine life due to its cargo of hazardous fertiliser. Insurance industry sources said the Rubymar, built in 1997, was an ageing vessel with a low value, which was not believed to have been covered through the
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