June 18 (Reuters) – Russia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers withdrew cover.
Western insurers halted insurance cover for Russia’s biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine.
Sources told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships, including Sovcomflot’s fleet.
“Technically, we meet all international trade requirements,” CEO Igor Tonkovidov told reporters. “Currently, the company’s fleet is almost fully busy in shipping hydrocarbons, cargoes are delivered to different parts of the world.”
Sovcomflot is a key shipper of Russian oil and liquefied natural gas (LNG) cargoes globally.
Western insurance sources have said the Russian replacement cover would likely be enough to keep Russian vessels sailing around the world.
Reporting by Reuters; Editing by Edmund Blair
(c) Copyright Thomson Reuters 2022.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
President Donald Trump’s latest tariff salvo against Canada landed just as Mark Carney was setting out on a mission to insulate his country from the fallout of the trade war.
Average spot rates on major front-haul trades from the Far East increased sharply in October, but shippers preparing for 2026 contract negotiations should not panic, according to a new analysis...
A second gas carrier has departed from Russia's U.S.-sanctioned Portovaya LNG plant on the Baltic Sea after a hiatus, in search of a foreign buyer, showing Russia's continued efforts to flout restrictions on LNG sales, LSEG data showed on Wednesday.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
