Insurers are no longer offering new cargo insurance coverage for shipments out of Ukraine through the Black Sea corridor after Russia suspended its participation, industry sources told Reuters. While shipments have been moving out of Ukraine since Russia’s announcement on Saturday, insurers are grappling with a changed risk environment and more uncertainty, sources said.
“It is imperative that ships already in the grain corridor do not become collateral damage, and are allowed safe passage,” Guy Platten, secretary general of the International Chamber of Shipping association, said on Tuesday. “Furthermore, the safety of seafarers must remain a top priority, and all parties must give consideration to the crews who may now be stuck on board or in port due to factors beyond their control.”
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As we reported on Monday, Lloyd’s of London insurer Ascot said it was suspending writing coverage for new shipments. Since then, sources say other Lloyd’s underwriters have followed suit.
“Any shipments that come in to be quoted post yesterday will likely struggle to get coverage,” Ascot head of cargo Chris McGill told Reuters on Tuesday. “We’re trying to gather as much information as we can from multiple sources in order to create an appropriate solution that makes sense for all involved.”
