• Short Summary

    GULF/IRAQ/SYRIA/BAHRAIN/UNITED KINGDOM/UNITED NATIONS

    The Lloyds' insurance market doubled the cost of premiums for ships travelling to Iran's Kharg Island after reports of fresh attacks on Gulf shipping.

  • Description

    NBC: GULF, AT SEA:
    1. AERIAL VIEWS. Ships, including one US warship, outside Gulf area (3 shots) 0.34
    BBC: BAHRAIN:
    2. SV Bahrain's Information Minister Tariq Almoayyed speaking (ENGLISH SOT) 0.55
    NBC:
    3. GV Kuwait - owned oil refineries (2 shots) 1.11
    NBC: SYRIA:
    4. GV PAN Oil refinery 1.21
    NBC: IRAQ:
    5. GVs/SVs People in Friday prayer at mosque (7 shots) 2.03
    UN TV: UN (NEW YORK):
    6. SV Saudi Permanent Ambassador to UN Samir Shihabi, speaking (ENGLISH SOT) 2.37
    SABBAGH: U.K:
    7. SVs Leading Lloyds underwriter, Stephen Merrett, speaking (ENGLISH SOT) (3 shots) 3.35
    SPEECH TRANSCRIPTS:
    ALMOAYYED: (SEQ TWO): "This is a very serious escalation; it's got to be seen by the entire Western world that eventually shipping will completely stop throughout the Gulf. Not by us, not by anybody else, but by insurance companies, by shipping owners, by everybody else, because at the moment, less and less ships are going through."
    SHIHABI: (SEQ. SIX): "We, the members of the Gulf Cooperation Council, will not spare any effort in preserving the Gulf as an area of stability, no matter what this might cost. But the responsible countries of the world must support our position, to deter any party that entertains the idea of disturbing that stability. All countries and peoples, however much their political systems may differ, have a clear interest in supporting our efforts to curb the irresponsibility in the Gulf."
    MERRETT: (SEQ. SEVEN): "It went up in respect of the Kharg Island as a destination, and it went up because we were satisfied that a significant proportion of the vessels travelling to Kharg Island are subject to inappropriate for the risks they run."
    REPORTER: "What's Lloyds' response to Sheikh Yamani's statement today about the blocking of the Straits of Hormuz, that Lloyds could do, but the Iranians couldn't, in terms of blocking the Gulf?"
    MERRETT: "Well, that's not what I understood Sheikh Yamani to have said. As I understand it, he was posing a hypothetical point that Lloyds could at some stage issue cancellation notices, which would mean that people would not any longer trade in the Gulf. I have absolutely no reason to suppose that there is any possibility of cancellation notices of that sort being issued by Lloyds' underwriters."
    InitialsASG/BB


    Script is copyright Reuters Limited. All rights reserved

    Background: GULF/IRAQ/SYRIA/BAHRAIN/UNITED KINGDOM/UNITED NATIONS

    The Lloyds' insurance market doubled the cost of premiums for ships travelling to Iran's Kharg Island after reports of fresh attacks on Gulf shipping. The London-based company raised war risk rates on May 25 from three per cent to 7.5 per cent of the value of each vessel, the third and biggest rise in a month. The increase came after Iraq said its forces had attacked six more ships and sunk another two. Crews have of late been reluctant to venture through the Straits of Hormuz, and many tankers are currently lying idle outside the area. Gulf state's governments were prompt to respond to Lloyds' decision. Bahrain's Information Minister, Tariq Almoayyed, said the increase would act as a greater deterrent to shipping than the recent escalation of the Iran-Iraq war. Neither country has so far been able to win a decisive victory in their 44-month war. The conflict has recently intensified causing dismay among Arab leaders. Saudi Arabia's Permanent Ambassador to the United Nations, Samir Shihabi, has urged all nations to support current efforts towards a settlement of the conflict. He was speaking on the second day of a U.N. debate called by the six members of the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Saudi Arabia and the United Arab Emirates. Meanwhile, in the United Kingdom, Lloyds' Underwriter Stephen Merrett justified the company's action, and said Lloyds did not intend to altogether cancel insurance on Gulf-bound tankers. Saudi Oil Minister Sheikh Ahmed Zaki Yamani had earlier warned that there could be a serious world shortage of oil if Lloyds' stopped insuring cargo ships in the Gulf.

    Source: UNTV/NBC/BBC/REUTERS - DIMITRI SABBAGH

  • Tags

  • Data

    Film ID:
    VLVAD1BXWDXTVW5FRA9DP1FL7DSB4
    Media URN:
    VLVAD1BXWDXTVW5FRA9DP1FL7DSB4
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    25/05/1984
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:03:36:00
    Time in/Out:
    /
    Canister:
    N/A

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