The price of Russia’s flagship oil may have jumped above a Group of Seven imposed cap but that has done little to impede the provision of western services for the trade. The number of ships calling at the nation’s ports …
Key figures in the insurance industry said rising Russian oil prices are making it harder for them to know if they can lawfully cover Russian cargoes. Since December, buyers of Russian crude oil have only been allowed to access financial …
An oil tanker company heavily involved in moving Russian oil lost industry standard insurance for its fleet after falling foul of a Group of Seven price cap relating to the transportation of the nation’s barrels. Gatik Ship Management lost so-called …
Russia still relies on Western insurers to cover more than half of the tanker fleet that exports its oil, according to data compiled by Bloomberg, and the country’s energy officials are voicing concerns about the situation. The Group of Seven …
The oil tanker Turba normally should have been melted down by now. The 26-year-old vessel hasn’t had a full inspection since 2017, according to a database dedicated to promoting safe shipping. It also lacks industry standard insurance and sails under …
New guidelines have been agreed by marine insurers in the London Market to help improve collaboration in the handling of shipping casualties. A protocol document seeks to promote more effective communication between different parties involved in responding to resulting insurance …
A host of shipping insurers altered their policies for 2023 to exclude claims linked to Russia’s war in Ukraine, a further sign of the industry’s growing concerns about losses stemming from the conflict. At least 12 of the 13 organizations …
The G-7 sanctions on Russian oil, which include a $60 per barrel price cap and restrictions on key services such as insurance, may have unintended consequences, according to a maritime insurance specialist. One of those consequences is the creation of …
Norwegian ship insurer Gard said on Tuesday that an agreement had been reached between Turkey and insurers to enable vessels carrying oil to sail through Turkish waters unhindered. “Following significant engagement between the International Group of P&I Clubs (association of …
A letter provided by Russian insurer Ingosstrakh enabled the first oil tanker to sail through Turkish waters in recent days after tougher regulations were imposed by Turkish authorities, a document showed. This has led already at least 20 oil tankers …
