Gallagher has warned shipowners that marine hull and machinery rates will continue to harden across the main global markets.

The marine insurance broker's comments indicate that shipowners will be paying more for cover as they renegotiate contracts in the key hull and machinery renewal month of July.

Gallagher said that the rise in rates, which was first prompted two years ago by a profit drive at the Lloyd’s of London market, is now impacting insurance rates across the world.