Insurance

Shipowners are bracing for higher insurance costs amid the risk of new Russian attacks on Ukrainian export infrastructure. Shipowners operating in the Black Sea are expressing concern about possible Russian attacks on ships carrying Ukrainian grain and ammonia, according to the Financial Times. Against this backdrop, insurance companies are already seeing a threefold increase in…

The cost of insuring ships in the Black Sea continues to rise amid attacks on tankers by the Russian “shadow fleet.”

The drone strike on two tankers of the Russian “shadow fleet” off the coast of Turkey has become yet another signal about the vulnerability of the Kremlin’s oil logistics. At the same time, it has already forced insurers to reassess risks in the Black Sea.

Following a series of attacks on several Russian tankers, insurers in the Black Sea have sharply raised war risk rates for ships operating in the region.

A sanctioned vessel was prevented from entering the port of Paradip, India, due to a delay in online confirmation of the policy from a Russian insurer.

The Delta-Pilot branch of Ukrainian Sea Ports Authority has chosen a company to insure employees against accidents.

During the period of global upheavals caused by a full-scale war, cargo insurance issues have gained new importance for Ukrainian exporters. If earlier the main concern of businesses was the amount of policy costs, today their predictability, consistency of rules and real effectiveness of insurance coverage have come to the fore.

Three Russian insurers, including a subsidiary of Sberbank of Russia, have applied to India for permission to insure marine oil cargoes.

Interpipe notes that the company “relies only on its own resources to cover the cost of insurance against war risks at sea.”

To insure the export of Ukrainian agricultural products, an additional $1 billion must be found.