"War risk insurance premiums for ships have skyrocketed," Clarksons Securities analysts including Frode Morkedal said in a report. "Shipowners and charterers may find that rerouting around Africa is more cost-effective than incurring the combined costs of Suez Canal transit fees and insurance premiums." Credit: Sayed Hassan/Getty Images

(Bloomberg) — The cost of war-risk insurance for vessels sailing through the Red Sea is spiraling, adding a further potential impediment to trade passing through a waterway already labeled too dangerous for merchant shipping by the U.S. Navy.

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