The Lloyd’s War Risks Committee is demanding that shipping companies inform Lloyd’s of plans to send ships into most of the Middle East’s ports and waterways, including the Arabian Gulf, Oman, Yemen, Pakistan, the Red Sea, Egypt, Syria and Algeria.

From tomorrow, shipping costs to these areas will escalate as the new war-risk insurance charges bite. Lloyd’s said the charge will add at least $125,000 to the cost of a large freighter in the Persian Gulf, and $50,000 in the Red Sea. The insurance on a large tanker loading in Iran or Iraq may rise by as much as $1 million per voyage.