Saudi Red Sea Tanker Insurance Costs Triple

September 24, 2026

News summary: Reuters reported quoted war-risk premiums for Saudi-linked tankers calling at Yanbu rose to around 3% of vessel value from below 1% in early July; quotes for ports south of Yanbu reached as high as 7%.

Market context: Insurance at these levels can add millions of dollars per voyage, changing route economics, vessel acceptance and the delivered cost of crude and products.