Ukraine To Set Up A $500 Million Ship Insurance Fund So Grain Exports Can Move Faster
To get more grain exports moving faster, Ukraine’s parliament has approved a $500 million insurance fund to extend compensation for vessels damaged calling at the country’s ports.
Ukraine is also gearing up for renegotiating the terms of the Black Sea Grain Initiative, a deal with Russia initiated in July 2022, which permits Kyiv to export grains from three Black Sea ports.
Owing to renewal after every three months, the current deal will run out on 18 March. Relevant Ukrainian officials clarified that they would try negotiating a one-year extension of the grain deal rather than renegotiating every three months. At the same time, other government officials are also keen to get other ports like Mykolaiv included in the shipping deal and other commodities like steel.
Ukraine will also seek a rise in examination teams in Turkish waters to eliminate the vessel queue that has grown exponentially this month, reportedly stymieing the export volumes.
Delays in examinations of vessels to and from Ukraine have reportedly been a point of contention between Ukraine and Russia. To lower inspection delays, Ukraine has been considering boosting the minimum size for vessels that carry grains to 25,000 dwt from 15,000 dwt.
The dry bulk exports of Ukraine have now plunged 77.8% in the first year of the war with Russia, per data from BIMCO.
Before the war started, over one-tenth of the maize and wheat shipments of the world would come from Ukraine.
References: Insurance Journal, Arab News
Shipping News You Would Like:
Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Do you have info to share with us ? Suggest a correction
Latest Shipping News You Would Like:
Ukraine Claims Killing Russia’s Black Sea Fleet Commander And 33 Officers In Crimean Attack
New Port Welcomes The Biggest Cruise Ship Of the Season MSC Meravigilia
US Navy Announces Firing Captain Of Missile Submarine USS Alabama For Loss Of Confidence
China Building A StarWars Style SuperShip To Strengthen Its Naval Fleet For Countering U.S
Sri Lanka Denies Permission To Chinese Ship To Dock, Says Indian Security Concerns Important For Colombo
Get the Latest Maritime News Delivered to Your Inbox!
Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.