Tag: Russia

Inspections of ships carrying Ukrainian grain and other food exports have fallen to half since their peak, leading to backlogs in vessels that are carrying supplies to developing nations.

The European Commission is considering setting a $100 per barrel price cap on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil.

A bomb hit a Turkish-owned ship off the coast of Odessa according to the Turkish General Directorate of Maritime Affairs. The vessel is now heading to Romania.

Cyprus has suggested automatic renewals of tonnage tax systems in order to halt defections and bolster the shipping industry hit by European sanctions on Russia.

Ukraine's efforts to increase exports under the Black Sea Grain Initiative with Russia are currently focusing on securing faster inspections of ships rather than including more ports in the initiative.

Following an in-depth analysis of European sanction packages prohibiting engineering services with Russian companies, GTT announced that it is ceasing its activities in Russia.

Ship reinsurers have faced huge losses, leading the insurers of ships to cancel covering war risks in Russia, Belarus and Ukraine from January 1, 2023.

Japanese insurers are expected to keep marine war insurance, covering the sinking and requisition of ships due to war in Russian waters for at least three months for LNG vessels.

On 16 December 2022 the EU adopted the 9 package of Russian sanctions including a number of Regulations and Decisions. Britannia P&I Club issued update to remind operation in which circumstances the EU sanctions apply. 

Three Japanese insurance companies will stop insuring ships for damage in all Russian waters due to the war in Ukraine, potentially affecting Japan's energy imports such as liquefied natural gas (LNG), according to international media.