By: AGBI

Egypt has reportedly temporarily exempted the advanced registration of goods on cargo ships bound for Gulf countries through its Red Sea ports as the Iran war continues.

The Egyptian Customs Authority has granted a three-month exemption from the advance cargo registration (ACI) system for ships entering Gulf countries, Egypt Today reported.

The ACI records essential data on goods before they arrive at Egyptian ports, easing shipment control and expediting customs procedures.

The exemption applies only to goods arriving at the ports of Nuweiba, Ain Sokhna and Safaga on the Red Sea, with their final destination being one of the Gulf countries, the report said.

The near-closure of the Strait of Hormuz spiked oil prices to almost $120 a barrel after the US-Israel strikes on Iran on February 28.  

In a report, global rating agency Moody’s said that marine insurance industry faces elevated tail risk as vessels become exposed to damage, detention and potential “blocking and trapping” claims if transit through the Strait of Hormuz remains disrupted.

Marine insurers issued notices of cancellation on March 5 to terminate or reprice hull and cargo war risk cover, which protects ships and their cargo from damage caused by acts of war, it said.