Shiver me freight rates | FT Alphaville

Shiver me freight rates

As if shipping hasn’t had enough of a bad time, JBC Energy reports:

As a result of the hijacking of a fully laden Saudi VLCC by Somali pirates yesterday, insurance companies are raising premiums for passage through the Gulf of Aden. These have reportedly risen ten-fold over the last year. The added expense, on top of the risk itself, could lead shipping companies to avoid the Gulf of Aden and sail instead around the Cape of Good Hope to reach Europe and North America.

What that means cartographically:

Gulf of good hope

This presumably renders the Suez canal largely useless.