P&I cover unavailable for sanctioned location voyages Japan closely watching EU insurance ban on Russia ships Russian shipping gets costlier The European Union’s ban on insurance and reinsurance of Russian ships is expected to further complicate trade in dry bulk and liquid commodities with Russia, making them more expensive, delaying scrapping of old ships, pushing up global freight and encouraging private deals with owners ready to call on sanctioned ports, according to trading, insurance and shipping executives.
The views from the shipping market follow a recent remark from Ursula von der Leyen, president of the European Commission, saying that there is a ban on insurance and reinsurance of Russian ships by EU companies. The remark raised concerns in the commodities markets amid a lack of clarity whether the ban would cover ships transporting Russian […]