Tim Spicer's Aegis Defence Services has been criticised by ship owners after designating the Straits of Malacca as a high 'war risk' area in an an assessment for Lloyds.
The move means higher insurance premiums for ships operating in one of the world's busiest waterways.
Aegis, whose main shareholders include Frederick Forsyth, the thriller writer, has warned that al-Qaeda terrorists could hijack a tanker in the Malacca Strait and turn it into a large floating bomb. Other maritime experts have questioned the feasibility of this. Singapore, Malaysia and Indonesia this week asked the JWC to reconsider its decision, while the Singapore Shipping Association said the risk assessment was based on a “fundamental misunderstanding” of piracy and terrorism threats in the Malacca Strait. The Hong Kong Shipowners Association has also questioned the decision. (FT.com)
