Latest news with #MarcusBaker
Yahoo
2 hours ago
- Business
- Yahoo
War Premiums Explode: Oil Tankers Face 60% Surge to Cross World's Most Dangerous Waterway
Insurance costs are rising fast for oil tankers passing through the Strait of Hormuzone of the world's most critical energy chokepoints. According to Marsh McLennan, war risk premiums for hull and machinery insurance have jumped from 0.125% to roughly 0.2% of ship value since the Israel-Iran conflict escalated. For a $100 million vessel, that's a jump from $125,000 to $200,000. The higher price reflects rising concern among underwriters that a broader regional escalationor even a single high-profile incidentcould disrupt the already fragile Gulf shipping lanes. Shipowners aren't just facing abstract risks. This week, two tankers collided near the Strait, with at least one vessel reportedly transmitting erratic signals, fueling speculation about potential electronic interference. Meanwhile, insurers are increasingly uneasy that Houthi forces may expand their attack scope beyond just U.S., U.K., or Israeli-affiliated vessels. Marcus Baker, global head of marine and cargo at Marsh, said that while no missiles have hit ships in the Gulf so far, the industry is pricing in a far more volatile backdrop. With the war insurance market on edge, rates could rise further in the weeks ahead. Some insurers may pull back entirely. Others might lean in, betting on outsized gains in a high-risk, high-reward environment. War itself, as an insurance product, tends to be either you lose everything or make a fortune, Baker noted. That dynamicuncertainty mixed with profit potentialis exactly what keeps investors alert. For companies exposed to shipping or energy, including Tesla (NASDAQ:TSLA), which relies on stable supply chains, risks in the Strait could become a meaningful cost variable. As the conflict simmers, the market is recalibrating what it costs to move oil through one of the most strategically sensitive stretches of water on the planet. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Business
- Yahoo
War Premiums Explode: Oil Tankers Face 60% Surge to Cross World's Most Dangerous Waterway
Insurance costs are rising fast for oil tankers passing through the Strait of Hormuzone of the world's most critical energy chokepoints. According to Marsh McLennan, war risk premiums for hull and machinery insurance have jumped from 0.125% to roughly 0.2% of ship value since the Israel-Iran conflict escalated. For a $100 million vessel, that's a jump from $125,000 to $200,000. The higher price reflects rising concern among underwriters that a broader regional escalationor even a single high-profile incidentcould disrupt the already fragile Gulf shipping lanes. Shipowners aren't just facing abstract risks. This week, two tankers collided near the Strait, with at least one vessel reportedly transmitting erratic signals, fueling speculation about potential electronic interference. Meanwhile, insurers are increasingly uneasy that Houthi forces may expand their attack scope beyond just U.S., U.K., or Israeli-affiliated vessels. Marcus Baker, global head of marine and cargo at Marsh, said that while no missiles have hit ships in the Gulf so far, the industry is pricing in a far more volatile backdrop. With the war insurance market on edge, rates could rise further in the weeks ahead. Some insurers may pull back entirely. Others might lean in, betting on outsized gains in a high-risk, high-reward environment. War itself, as an insurance product, tends to be either you lose everything or make a fortune, Baker noted. That dynamicuncertainty mixed with profit potentialis exactly what keeps investors alert. For companies exposed to shipping or energy, including Tesla (NASDAQ:TSLA), which relies on stable supply chains, risks in the Strait could become a meaningful cost variable. As the conflict simmers, the market is recalibrating what it costs to move oil through one of the most strategically sensitive stretches of water on the planet. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Khaleej Times
7 hours ago
- Business
- Khaleej Times
Shipping costs surge as Israel-Iran conflict fuels risk in Gulf waters
Global shipping costs are soaring as the Israel-Iran war escalates, prompting insurers to raise premiums sharply for vessels passing through critical maritime chokepoints such as the Strait of Hormuz and Israeli ports. The rise in shipping risk and associated costs threatens to upend regional trade flows and strain global supply chains already reeling from ongoing Red Sea disruptions. According to data from Marsh McLennan, the world's largest insurance broker, insurance prices for ships transiting the Strait of Hormuz have surged more than 60 per cent since the conflict erupted. Hull and machinery insurance premiums — covering damage to the vessel itself — have increased from 0.125 per cent to around 0.2 per cent of a ship's value. This means insurance for a vessel worth $100 million now costs $200,000, up from $125,000. 'We've not yet seen a missile fired at a ship in the Arabian Gulf, but the pricing clearly reflects heightened market concerns,' said Marcus Baker, Global Head of Marine and Cargo Insurance at Marsh. 'The premium hike is a direct reflection of perceived risk.' The Strait of Hormuz, which connects the Gulf to the Arabian Sea between Iran and Oman, is one of the world's most vital oil transit routes, with nearly a fifth of global crude passing through its narrow waters. Any disruption or escalation of hostilities in the area could have profound consequences on global energy security and freight logistics. Further compounding shipping risks, war risk insurance premiums for voyages to Israel have more than tripled since the conflict began. Industry sources said rates have jumped to between 0.7 and 1.0 per cent of a ship's value for a seven-day voyage to Israeli ports, up from around 0.2 per cent a week earlier. These surcharges translate into tens of thousands of dollars in additional operating costs per voyage. 'Each voyage to Israeli ports is being underwritten on a case-by-case basis now,' said David Smith, Head of Marine at insurance broker McGill and Partners. 'Rates can go up to 1 per cent depending on the ship's ownership, cargo type, and destination.' Ports in Israel — such as Ashdod in the south, Haifa in the north, and Eilat on the Red Sea — are vital gateways for the country's imports. While Haifa port operations reportedly remain normal, nearly 30 ships were seen anchored offshore as of Tuesday, according to MarineTraffic data. The Bazan Group, operator of Israel's largest oil refinery in Haifa, shut the plant on June 16 after an Iranian missile strike damaged its power station. Shipping companies are increasingly hesitant to call at Israeli ports amid these heightened risks. The Iran-backed Houthi militia in Yemen has also warned it would target vessels linked to Israel, despite a truce on US and UK-related targets in the Red Sea. In March, the Houthis announced a self-declared 'maritime blockade' on Haifa port in response to Israel's Gaza offensive, escalating threats to regional shipping lanes. The growing risks have also raised alarm in global financial and insurance circles. In its latest analysis, S&P Global Ratings noted that insurers and banks across the Middle East are bracing for potential fallout. The agency pointed to an Israeli government scheme in place to absorb most conflict-related insurance losses, while insurers in the Gulf Cooperation Council (GCC) remain well-capitalised and resilient. 'GCC insurers benefit from robust capital buffers, and Israeli banks are being supported by state-backed safety nets to shield the financial system from major disruption,' S&P said. Fitch Ratings echoed similar concerns. In a report released this week, the agency warned that the Israel-Iran conflict has raised geopolitical and security risks across the Middle East. Although Fitch expects the fighting to remain localised and relatively short-lived, the firm cautioned that broader escalation — such as attacks on US targets or GCC bases — could have severe implications for sovereign credit profiles, energy markets, and regional economies. 'The most severe scenarios — like a disruption of traffic through the Strait of Hormuz — are not part of our baseline, but they cannot be ruled out entirely,' Fitch analysts said. 'Such a disruption would drive oil prices higher for a sustained period and cause negative spillovers for regional sovereigns, even as energy exporters benefit from price gains.' One key concern is the potential impact on Egypt's earnings from the Suez Canal if Houthi attacks were to intensify and dissuade ships from using the route. Egypt, Jordan, and other nearby economies that depend on tourism and trade are also exposed to downside risks. Jordan's tourism sector, for example, is already seeing a drop in European arrivals, threatening fiscal revenues and economic growth. While most shipping lanes remain open and operations continue, insurers and governments are monitoring the evolving situation closely. The immediate effect is already visible in spiking insurance costs, delayed cargo deliveries, and logistical uncertainties — all of which threaten to add inflationary pressures at a time when global trade is struggling to stabilise.
Bloomberg
8 hours ago
- Business
- Bloomberg
Mideast Ship Insurance Costs Jump Following Iran-Israel Attacks
The cost of insurance for ships sailing in the Persian Gulf jumped as attacks between Iran and Israel raised risks for vessels in the area. Underwriters are now charging 0.2% of the value of a ship for calls into the Gulf, up from 0.125% prior to the conflict breaking out, according to Marcus Baker, global head of marine cargo and logistics at Marsh McLennan, the largest insurance broker. Rates have also climbed for calls into the Red Sea, he said.
South China Morning Post
a day ago
- Entertainment
- South China Morning Post
Who is actor Felix Mallard, aka Marcus on Ginny & Georgia? The Dior Beauty ambassador debuted at 15 in Neighbours, was chosen by Harry Styles to star in Happy Together, and acted alongside Isabela Mer
Things took a dark turn on Netflix's Ginny & Georgia when the series' titular character Georgia Miller, played by Brianne Howey , was arrested at the end of season two for murder. Marcus Baker in Ginny & Georgia is played by Felix Mallard. Photo: @itsfelixwhat/Instagram Fans watched as the show's early lightheartedness dissipated and things took a turn for the worse for some of their favourite characters on the show. One such character is Marcus Baker, a high school student who befriends and eventually dates Georgia's daughter Ginny, until his struggle with mental health leads them to break up in season two. Advertisement Felix Mallard in a scene from Ginny & Georgia. Photo: @itsfelixwhat/Instagram The series is finally back for season three, and actor Felix Mallard, who plays Marcus, says that he's excited for his character to show more depth. In the latest season, Marcus struggles with depression and veers into alcoholism. 'As an actor, that's exactly what you want – for your characters to go through high highs and low lows,' he told L'Officiel in a recent interview. 'I'm lucky that with Marcus we get to explore all of that. We go as deep as we can to reflect the uglier side of growing up when you don't have an anchor or guidance.' Here's everything you need to know about Ginny & Georgia actor Felix Mallard. He has Harry Styles to thank for his breakthrough Felix Mallard photographed for Tings Magazine in 2023. Photo: @itsfelixwhat/Instagram Born in April 1998, the Australian actor has been modelling since he was scouted by an agency as a young teenager. Mallard, who had never previously considered acting as a career option, was sent to an audition for the long-running Australian soap Neighbours. He thought he wouldn't get the role, but Mallard was hired for a six-episode role and made his acting debut on the show in 2014, when he was just 15. The now 27-year-old actor's breakout role came when pop star Harry Styles hand-picked the young actor to star in the CBS comedy series Happy Together, which aired in 2018. The show, executive produced by Styles, is loosely based on the English singer's life. Since then, the actor has appeared in films including Turtles All the Way Down alongside The Last of Us actress Isabela Merced in 2024, and All the Bright Places. He's a musician
