marine hull insurance News

US Sanctions Maritime Companies, Vessels for Shipping Oil Above Russian Price Cap

The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7’s price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. The …

Update: Ukraine Launches Grain Insurance Program With Marsh McLennan, Lloyd’s

Ukraine is starting an insurance program with broker Marsh McLennan and Lloyd’s of London to provide cover for grain vessels sailing from Ukraine’s deep-sea ports, just days after a ship was hit by a Russian missile. The country is launching …

Freight Costs for Ships in Ukraine’s Export Corridor Ease Back to Former Levels

Freight costs for ships in Ukraine’s alternative export corridor have eased back to their former levels, a government source said on Friday, after brokers said earlier they had risen following an attack on a cargo vessel in the Black Sea …

Russian Missile Strike on Merchant Ship Threatens Ukraine’s Exports

A Russian missile strike on a commercial ship at a major Ukrainian Black Sea port is adding to risks for commodity exports just as farmers in the war-battered nation are in the midst of this year’s harvest. A 750-feet iron …

UN Chief Says It Will Be Difficult to Revive Black Sea Grain Deal

United Nations Secretary-General Antonio Guterres told Reuters NEXT on Wednesday that it will be difficult to revive a landmark deal that allowed the safe Black Sea export of Ukraine grain, which Russia quit in July over complaints about its own …

Israel’s Ship Industry Urges Government to Help With Soaring War Risk Premiums

Ships sailing for Israel face a 10-fold jump in war risk premiums as the conflict in Gaza intensifies, prompting industry calls for the government to help ensure vital imports keep coming. Israel has vowed to annihilate Islamist group Hamas after …

Israel’s Ashdod Port Toils Under Threat of Rockets as War Risk Insurance Rates Soar

When wailing sirens warn of incoming rockets from Gaza, workers at Israel’s Port of Ashdod stop operations within moments and quickly resume their work minutes later when the all clear is given. It’s an unusual way for a port to …

Update: Rescuers Call Off Efforts to Find Missing Sailors After Cargo Ship Sinks

Rescuers abandoned efforts to find four missing sailors a day after a British cargo ship sank in the North Sea following a collision with a larger vessel. “Due to the numerous operational resources – ships and helicopters – in the …

Oil Tanker Sails to Israeli Red Sea Port to Avoid Conflict

An oil tanker is hauling a cargo of crude toward an Israeli Red Sea port that’s seldom used for crude deliveries after the nation’s main import terminal on the Mediterranean was disrupted by the conflict with Hamas. The shipment underscores …

Ukraine’s Risky Bet on Black Sea Shipping Corridor Pays Off as Ships Stream Into Ports

A steady stream of ships is hauling grain and metals from Ukraine a month after the first inbound vessel sailed through its new shipping corridor in the Black Sea in defiance of Russian threats. More than 30 vessels have called …