Egypt’s Misr Insurance Company, a subsidiary of Misr Insurance Holding Company, signed a contract worth $30m with Red Sea International Petroleum Services to insure two of their ships, reported Al Borsa News.

Misr Insurance’s General Manager of Marine Coverage, Hossam Alma, stated that the amount for insuring a single ship is worth $15m.  These two vessels were added to the Red Sea’s insurance policy for their entire fleet. He added that the company will cover any loses to the ships while sailing or docked.

Alma declared that, by the end of June, the company’s has collected an estimated EGP 900m in marine insurance fees.