Ship Insurance News

Insurance broker Marsh MMC.N, Lloyd's of London insurers and Ukrainian state banks have launched a programme to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, Marsh said on Wednesday.Kyiv launched a "humanitarian corridor" in August for ships bound for Africa and Asia to circumvent a de facto blockade in the Black Sea after Russia quit a United Nations-brokered deal that had guaranteed Kyiv's seaborne exports during the war.Lloyd's of London insurers will underwrite the programme…

A new marine insurance facility for Ukrainian grain exports using the country's sea corridor has been set up in conjunction with Ukraine's authorities, insurance broker Miller said on Tuesday.Russia quit a U.N.-backed deal in July to enable exports from Ukraine to sail from three approved ports.Since then, Kyiv has launched what it calls a new temporary humanitarian corridor in an effort to break Russia's de facto blockade. Two ships have sailed in the recent days from the Ukrainian…

Ukraine is considering using its newly-tested wartime Black Sea export corridor for grain shipments after other cargo ships follow the first successful evacuation of a vessel on the route last week, a senior agricultural official said on Monday.Russia has blockaded Ukrainian ports since it invaded its neighbour in Feb. 2022 and threatened to treat all vessels as potential military targets after pulling out of a U.N.-backed safe passage deal last month.In response, Ukraine announced a "humanitarian corridor" hugging the sea's western coastline near Romania and Bulgaria.

Lloyd's Register has told India's Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters.It is the latest setback for Gatik, which was also been forced to find new flags for 36 of its ships after they were deflagged by the St. Kitts & Nevis International Ship Registry."Lloyd's Register is committed to facilitating compliance with sanctions regulations on the trading of Russian oil," it said in an email to Reuters.

Companies in Singapore will have to consider and manage any potential impact on their business activities, transactions, and customer relationships when dealing with Russian crude oil and refined products, a government official said on Friday.Russia's oil trade faces multiple restrictions imposed by the West and Moscow in the wake of the Ukraine war.The European Union has imposed bans on Russian crude and oil products imports while the Group of Seven nations, EU and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced abo

Russia is concerned about a build-up of oil tankers in the Bosphorus Strait and is discussing the issue with insurance and transport companies, RIA cited Russian deputy foreign minister Alexander Grushko as saying on Wednesday.At least 20 oil tankers queuing off Turkey face more delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to new Turkish insurance rules added ahead of Europe's ship insurance ban and a G7 price cap on Russian oil…

Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from tankers operated by state-run Sovcomflot, Russia's biggest shipping group, which was sanctioned following Moscow's invasion of Ukraine. "Exxon has refused to take Sovcomflot's tankers," one industry source said.

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, Ukraine, Turkey and the United Nations are expected to sign a deal later this week aimed at resuming the shipping of grain from Ukraine across the Black Sea.Ukraine's ports have been closed since Russia's invasion in February, which Moscow calls a "special military operation"…

The European Union's sixth package of sanctions against Russia, approved on Thursday, includes an immediate ban on new insurance contracts for ships carrying Russian oil and existing contracts are to be phased out over 6 months, an EU official said."It is a 6-month phase out for ship insurance. The six months are counted from the entry into force of the sanctions package, and it is only for existing contracts.

Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday.Two seafarers have been killed and six merchant vessels hit by projectiles - sinking two of them - around Ukraine's coast since the start of Russia's invasion of its neighbor on Feb.

Norwegian cruise shipping company Havila Voyages has canceled an upcoming roundtrip in Norway with the Havila Capella cruise ship, citing unresolved issues with the ship's insurance coverage."There is still an unresolved situation related to Havila Capella's insurance coverage. The company has therefore been forced to cancel the roundtrip scheduled to start from Bergen on 4th May for the sake of the passengers traveling into Norway before entering the ship," the company said,…

Western ship insurers are terminating cover for Russia's leading shipping company Sovcomflot as multiple sanctions start to bite, companies involved say, adding to the growing challenges for the state-owned company and Moscow's efforts to export oil and gas.Russia's maritime sector is seeing the wind down of multiple services, including ship certification by leading foreign providers - vital for accessing ports and securing insurance - shipping companies pulling out and ship engine…

Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on Thursday, with the potential for costs to rise further as regional tensions escalate, ship insurers said.The attacks have already stoked concerns about reduced flows of crude oil on one of the world's key shipping routes, pushing up oil prices by as much as 4.5%.Some tanker companies have already suspended new bookings to the Middle East…

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have yet to divert ships, there are growing worries that any further escalation could hinder oil supplies and potentially lead to higher insurance costs for shipments. The route is among the world's busiest and used by major shipping groups such as container line Maersk and oil tanker carriers including Norway's Frontline and Iran's NITC…

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities. For many years the companies have worked together in ship insurance and ship brokerage. These partnerships are to be intensified and extended to other ship management activities. Both companies keep the content of the merger discussions in confidence. Rickmers Holding AG will continue to pursue its strategy, particularly in respect of expanding the fleet under third-party management. Additionally, processes are to be optimised, structures streamlined and profitability increased. Ignace Van Meenen, CEO of the Rickmers Group, explained the objective: “We aim to continue establishing and expanding customer relationships in an ongoing and focused way.

Iran has managed to sell only modest volumes of oil to Europe since the lifting of sanctions seven weeks ago and several former buyers are staying away, citing legal complications and Tehran's reluctance to sweeten terms to win back customers. Tehran had been unable to sell crude to European firms since 2012 when the EU imposed sanctions over its nuclear programme, depriving it of a market that accounted for over a third of its exports and leaving it relying completely on Asian buyers. Since the restrictions were lifted in January, Iran has sold four tankers - 4 million barrels - to Europe, including to France's Total, Spain's Cepsa and Russia's Litasco, according to Iranian officials and ship-tracking data.

Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market. The country emerged from years of economic isolation last weekend after crippling sanctions were lifted in return for Tehran complying with steps to curb its nuclear ambitions. Iran has one of the world's biggest tanker fleets, but many of the ships are ageing and require valid insurance…

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted. A nuclear deal between world powers - known as the P5+1 - and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping for Tehran. With U.S. sanctions still in place, which exclude U.S. persons, banks and insurers from trading with Iran including dollar business, shipping and marine insurance sources say many foreign companies are likely to take their time. They are also mindful of sanctions being reimposed in a "snap back" if Iran reneges on commitments.

Iran's main oil tanker firm NITC will struggle for some time to call at European ports, get foreign insurance and overcome obstacles under western sanctions, even after a top court has annulled its blacklisted status in the European Union. An interim deal between Iran and world powers signed in November has provided the Islamic Republic with some sanctions relief, helping to boost oil sales. But continued restrictions on shipping and insurance have meant that a return to Tehran's pre-sanction export level of over 2 million barrels per day (bpd) is still some way off. The European court ruling "will not give them carte blanche to transport cargos…

Armed pirates raided an oil tanker off the coast of Malaysia and took three crew members with them, Malaysian maritime officials said on Wednesday, underscoring increasing threats to shipping in one of the world's busiest waterways. The incident in the Malacca Strait, a route for about a quarter of the world's seaborne oil trade, has fueled fears piracy could be on the rise in the area and drive up ship insurance premiums. "We are very concerned," said Noel Choong, head of the International Maritime Bureau's Malaysia-based Piracy Reporting Centre, who added the ship was hijacked while sailing near the Malaysia town of Port Klang. "It's the first time this has happened so far north in the Malacca Strait, and the first time they have kidnapped the crew.

Iran's oil tanker fleet is gearing up for more business, with some vessels taking to the high seas after over more than a year at home ports, another sign that an easing in Western sanctions is enabling exports to begin to pick up. Iran and Western governments reached an interim agreement in November to restrict Tehran's disputed atomic work in exchange for limited sanctions relief for six months, which came into effect in January. U.S. and European sanctions imposed in the previous two years had sharply hit Iran's oil exports, mainly by making it difficult for buyers to arrange financing for transactions and insurance and documentation for shipments.

The Japanese Ministry of Land, Infrastructure and Transport issued a Notice stating that, effective 1 March 2005, non-tank vessels over 100 gross tons must have P&I insurance coverage, must carry on board a copy of the Certificate of Financial Security issued by the Ministry, and must report the status of insurance and identification information before entering port. The reporting requirement also applies to oil tankers carrying more than 2,000 tons of oil in bulk as cargo. This new requirement was not finalized and promulgated until shortly before it came into effect. There are indications that the Ministry will grant a short grace period before it commences full enforcement, but this is uncertain and the length of any grace period is unknown at this time. (HK Law).

All single-hulled oil tankers visiting Australian ports will be subject to increased inspections, under new measures to protect the marine environment announced today. The Deputy Prime Minister and Minister for Transport and Regional Services, John Anderson, said further protection would come through the introduction of legislation to increase the amount of compensation following an oil spill to $480 million. Anderson said the Australian Maritime Safety Authority (AMSA) has upgraded its inspection regime after the sinking of the Prestige off Spain and the European Commission's subsequent crackdown on certain vessels. Anderson said AMSA's…