Insurers owe more than 500 million dollars to shipowners because of the war in Ukraine

The Insurers are facing claims for more than 60 commercial vessels still stuck in Ukraine due to the war.

At the beginning of the full-scale invasion, more than 90 merchant ships and about 2,000 crew members remained in Ukraine and could not leave the ports due to hostilities. According to estimates, 40 to 60 ships are currently blocked in Ukrainian ports. Therefore, owners can claim full compensation from their insurers for vessels that are idle for a year.

The total value of ships stuck in Ukrainian ports reaches 500 million dollars, Reuters reports with reference to a high-ranking source in the industry.

Despite Ukraine’s military successes, most ports are still affected by hostilities, and floating mines around the Black Sea add to the risk. Currently, more than 300 sailors are still blocked in Ukrainian ports. Secretary-General of the International Maritime Organization Kitak Lim said on Friday that he was doing everything possible for the safe exit of ships and sailors who remained in the war zone.

USM recently wrote that the Government has adopted a regulation on the insurance of “grain corridor” vessels.