Lloyd’s Register, one of the world’s top ship certifiers, is stopping services to Russia after sanctions were imposed on Moscow for its invasion of Ukraine, the company said on Thursday. Classification societies including LR provide services such as checking that …
Sanctions against Russia in response to its invasion of Ukraine are “manageable” for Britain’s insurers and wider financial sector, Bank of England Deputy Governor Sam Woods said on Tuesday. Britain is banning Russian companies from the multi-billion-dollar aviation and space …
London’s marine insurance market has widened the area of waters around the Black Sea and Sea of Azov that it deems high risk as Russia’s invasion of Ukraine intensifies and perils to merchant shipping grow. The insurance industry’s Joint War …
Bangladeshi seafarer Asiful Islam recalls the moment when a missile struck his cargo ship last week off the Ukrainian port of Olvia, killing his crew mate. “I was just 15 feet away when it hit our ship. Our third engineer, …
At least three tankers controlled by Russian maritime powerhouse Sovcomflot that have been unable to deliver their cargoes due to Western sanctions have re-routed to the Bahamas, vessel tracking data showed on Monday. Russian state-owned Sovcomflot was blacklisted by the …
British ship insurer West of England has withdrawn cover for two container ships operated by Russia’s FESCO Transportation Group after the vessels were listed by the U.S. Treasury as part of broader sanctions, West said on Wednesday. These are the …
Volkswagen AG has lost hope that many of its roughly 4,000 vehicles aboard a cargo ship that caught fire last week in the Atlantic can be saved. The automaker’s brands and dealers have started notifying customers that the U.S.-bound vehicles …
The fire on the cargo ship Felicity Ace, which had burned for more than a week, is likely extinguished and the vessel is now being towed, according to the operator MOL Ship Management. The ship had been transporting thousands of …
Insurers have raised the cost of providing cover for merchant ships through the Black Sea, adding to soaring rates to transport goods through the region for vessels still willing to sail after Russia’s invasion of Ukraine. Ship owners pay annual …
The decades-old, oil-storage ship that blew up off the coast of Nigeria recently — killing some of its crew and spewing its contents into the Atlantic Ocean — is one of many vessels of similar vintage dotted across the globe. …
