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Lloyd's drops Malacca war-risk listing

Lloyd's drops Malacca war-risk listing

London: Lloyd's Market Association's Joint War Committee has dropped its controversial listing of the Malacca Strait as a 'war risk zone,' according to Reuters. An LMA spokesman reportedly said this was due to 'significant improvement' in security in the area, although the rating will remain for ships visiting northeast Sumatra. The move follows a concerted 12-month campaign to remove the listing, which included many shipping bodies and the governments of the littoral states. Only last week the Malaysian Transport Minister, Datuk Seri Chan Kong Choy, called on Lloyd's to provide greater transparency as to what conditions needed to be met for a de-listing. Addressing a Maritime Institute of Malaysia conference, he pointed out that the littoral states already made great financial sacrifices to ensure safe navigation for transiting vessels, 70% of which did not call their ports. And he warned that the increased insurance premiums as a result of the continued listing would inevitably impact on the economies of the littoral states and their ability to continue funding improvements in safety and security of navigation in the region.  [09/08/06]

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