We are pleased to announce a new promotional feature of Cyprus Shipping News by inviting key players of the Cyprus Shipping Industry to address our readers with a 1-2 minutes video on latest developments, new regulations, news from their own company affecting the Industry, even a quote of the day or anything of general interest.
Good morning to all friends at Cyprus Shipping News
Thanks for the invitation and just to say congrats on all the interesting podcasts so far.
Also thanks for the opportunity to talk about the latest challenges we face in the insurance world – probably could take us 2 hours instead of 2 mins J
The past 2 years have been a challenge to the whole world and definitely shipping was deeply affected. We are still facing the covid problems whilst for the past 2 months we are also facing a war and no-one knows when or how it will end.
We have seen sanctions imposed and becoming stricter every week but also more complex. These sanctions have a deep impact on insurance placements around the world and as shipping is so mobile and international you can imagine that it’s not a walk in the park these days, when it comes to advice or place insurance.
Anything that has to do with Russia these days is scrutinized by all insurers and in most cases if not all, when a Russian interest, port, product is involved then it’s a ‘no-can’t-do’.
The P&I insurance is affected as the Clubs don’t wish to have any exposure to any sanctions. Owners cannot really afford not having their P&I cover in place, for example a security/guarantee required at a port and same could be rejected, creating a big mess for everyone.
Other insurances such as Hull and Cargo and others are also very cautious when it comes to Russia or Ukraine exposures and this makes shipping and transportation around the Globe even more challenging.
Well I’m not a geo-political expert here but I guess we all know that Russia is a large producer with so many resources, which are needed to exported around the world all these years. So we ALL hope that this will end soon!
The important advice to all shipowners / shipmanagers / charterers and traders would be to ensure that they do run their sanctions checks and if in doubt ALWAYS take an advice from a lawyer so to be on the safe side.
Thanks again and wishing a great and safe day to all.