Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major’s refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from …
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, announced the launch of a new Lloyd’s facility for the London market. The Liberty Project Cargo Consortium (LPCC) underwrites global project-related cargo risks. The facility, Consortium 7763, …
European Union sanctions on Russian oil might still be eight weeks away, but they’re hitting trade in the nation’s crude already. The bloc’s measures, including a ban on insuring tanker shipments, enter into force on Dec. 5. A Russian cargo …
After many years working as a freight and logistics broker in the London market, Johnny McCord understood where the freight industry’s “pain points” were and thought technology and artificial intelligence (AI) could solve some of the underinsurance problems facing SMBs. …
The European Union is considering adding shipping restrictions to its oil sanctions as the bloc continues to discuss the introduction of a price cap on Russian oil, according to people familiar with the matter. A shipping ban would prohibit EU …
A vessel managed by a company based in Greece transported coal from a port in Russia late last month, after European Union sanctions on the commodity had come into force, according to maritime data reviewed by Bloomberg. The ship, the …
The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow’s ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost …
Broker Marsh and Lloyd’s of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine’s Black Sea ports under its new marine cargo and war insurance facility. Launched last month, …
A Japanese chemical tanker ship crashed into a cargo ship off the coast of southwestern Japan, the coast guard said Saturday. No one was injured among the six Japanese crew members aboard the tanker Ryoshinmaru and 14 Chinese crew members …
Ships exporting Ukraine grain through the Black Sea will be protected by a 10 nautical mile buffer zone, according to long-awaited procedures agreed by Russia, Ukraine, Turkey and the United Nations on Monday and seen by Reuters. The United Nations …
