Russia has proposed that a U.N.-backed initiative that has enabled grains to be exported from Ukraine's Black Sea ports should be renewed for just 60 days.The deal to free up grain exports from Ukraine's southern Black Sea ports, which expires later this month, has previously been renewed for 120 days and there are concerns a shorter extension could cause logistical issues.Reached in July last year…
Ukraine will offer compensation for possible damages to civilian vessels entering its ports, Deputy Prime Minister Oleksandr Kubrakov said on Friday, as Kyiv tries to boost exports that are vital for its war-hit economy.Ukraine is a major producer and exporter of agricultural products…
Insurers are facing half a billion dollars in claims for up to 60 commercial ships still stuck in Ukraine a year after the start of the war with Russia, industry sources said.When the conflict started, more than 90 merchant ships - many with food cargoes onboard - and some 2…
Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said.The Black Sea is crucial for the shipment of grain…
A new mobile app from North P&I is designed to make collecting evidence on incidents faster, easier and more accurate while enhancing reporting consistency in future claims. ‘The MRCE Handbook’ app from North is aimed to help senior officers…
The International Group of Protection and Indemnity Clubs (IGP&I) has set out its Sustainability report and updated Correspondents Guidelines to the global network of Protection and Indemnity (P&I) Correspondents listed by its constituent Clubs during its 2022 Correspondents Conference in London…
While the Covid-19 pandemic resulted in few direct claims for the marine insurance sector, the impact on the welfare of crews and the boom in shipping and port congestion, exacerbated by the Ukraine invasion, raises potential safety concerns…
Broker Marsh and Lloyd's of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine's Black Sea ports under its new marine cargo and war insurance facility.Launched last month…
Freight transport and logistics insurer TT Club announced EeLain Ong has taken over as chief financial officer (CFO), effective August 1, 2022. Appointed in April 2022, Ong has shadowed the outgoing CFO Julian Chowdhury in his position for the intervening months prior to his retirement…
The Swedish Club announced it has opened a new full-service office in Singapore, responsible for members in Singapore and other markets in Asia, including India, Japan and Thailand.Brian Png, Team Manager for the Singapore office, said, 'Singapore…
Hiscox is committed to a planned insurance consortium providing cover for ships travelling through a safe passage from Ukraine, its chief executive said on Wednesday, as the Lloyd's of London insurer shares plunged on a first-half loss.The first…
Key arrangements including procedures for ships still need to be worked out before empty vessels can come in and pick up cargoes from Ukraine using the new grains corridor, a senior London marine insurance market official said on Monday.Turkey…
With 90% of global trade moved by sea, shipping is a major contributor to climate change. The International Maritime Organization (IMO) estimated that the industry’s greenhouse gas emissions grew by 10% between 2012 and 2018, while the industry’s…
A number of insurance underwriters are interested in providing cover for grain shipments from Ukraine after an agreement was reached to re-open Black Sea ports, although the first shipments are expected to be weeks away, industry sources said on Friday…
Insurers will only be willing to cover ships sailing through a proposed corridor to get Ukrainian grain out if there are arrangements for international navy escorts and a clear strategy to deal with sea mines, underwriters and brokers say.Russia…
