Insurers of the Russian shadow fleet may become part of IG P&I clubs, — BIMCO
26.03.2025 - 16:45
BIMCO believes that global shipping insurance could change if sanctions against Russia are lifted.
This was stated by the leading shipping organization BIMCO, writes Bloomberg.
“The global shipping industry should be open to cooperation with a new group of insurers that have emerged to support the so-called “shadow fleet” of Russia, provided that they adhere to best practices,” the organization believes.
BIMCO President Nikolaus Schues said in an interview that new insurers and P&I clubs should be evaluated on the basis of their commitment to international safety standards and technical standards.
According to him, they could become legitimate if the Trump administration lifts sanctions against Russia.
“Some of the new insurers could become part of the International Group of P&I Clubs (IG),” Nikolaus Schues added.
As an example, he cited the China Marine Insurance Club, which remains outside the main IG group.
“Just because someone is new doesn’t mean they’re bad. But a newcomer has to prove they’re not bad first,” Nikolaus Schues said on the sidelines of an industry conference in Singapore.
It should be noted that the KSE Institute’s report “Oil Spill Insurance and the Shadow Fleet” found that tankers carrying Russian oil had significantly lower levels of IG P&I insurance.
In 2024, only 29.4% of vessels carrying Russian crude oil and 56.2% of tankers carrying Russian petroleum products had IG insurance. In contrast, more than 90% of tankers carrying cargoes exclusively of non-Russian origin were insured through IG.
It is also known that 20% to 25% of the vessels were insured by Russian companies, including the sanctioned firms Ingosstrakh, AlfaStrakhovanie and Sogaz. These companies, which provide insurance for Russian oil tankers against spills and collisions, are supported by the Russian National Reinsurance Company. And insurance companies from Cameroon and Kyrgyzstan covered the insurance of at least two tankers of the “shadow fleet” each. As previously reported by USM, a fake insurance scheme for the “shadow fleet” involving a Russian was exposed in Norway.
