Brokers Launch Port Disruption Insurance Amid Shipping Chaos
Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.Ports across the globe are dealing with multiple issues that are disrupting flows of goods, including attacks by Yemen's Houthis on commercial shipping as well as the risk of strikes at terminals in the United States."Recent geopolitical turmoil has exposed a clear gap in the standard cover available to ports and other cargo facilities.
Superyacht Linked to Sanctioned Russian Oligarch Auctioned in Gibraltar
A $75-million superyacht linked to a sanctioned Russian steel billionaire was auctioned on Tuesday in Gibraltar, court sources said, in what is understood to be the first sale of its kind since Russia invaded Ukraine in February.The Axioma was granted entry into Gibraltarian waters and then impounded by the authorities in March after U.S. bank JP Morgan said its alleged owner Dmitry Pumpyansky had reneged on the terms of a $20 million loan.The 72.5-metre vessel is being auctioned by the Gibraltar Admiralty Court. It was listed for one day, with closed bids to be sent electronically by midday on Tuesday, a court spokesman said.Nigel Hollyer…
Russian Billionaire's Yacht Detained in Gibraltar
A luxurious super-yacht linked to the owner of Russia's largest steel pipe maker, who is currently under British and European Union sanctions, docked in Gibraltar on Monday and was then detained by the authorities.Western sanctions on Russian oligarchs over Moscow's invasion of Ukraine have triggered an exodus of luxury yachts from Europe in recent weeks, with several heading towards the Maldives, which has no extradition treaty with the United States.Reuters TV footage showed the "Axioma", believed to be owned by Dmitrievich Pumpyansky, owner of steel group TMK, moored at Gibraltar, a British Overseas Territory on the southern tip of the Iberian peninsula…
Russia's TMK Says U.S. Tariffs to Benefit U.S. Unit
TMK, Russia's largest of steel pipes for the oil and gas industry, said on Friday it expected new U.S. import tariffs on steel and aluminium to benefit its U.S. unit IPSCO. TMK said IPSCO did not import steel, so should benefit from President Trump's move. The company had yet to finish evaluating how the import duties would affect other parts of its business, it said in a written reply to a Reuters request. TMK also said an initial public offering of IPSCO, announced this year but put on hold due to volatility on global markets, was "postponed but not cancelled".
