Access the latest Maritime Security Threat Advisory for the week commencing 2nd October 2023.

👉 The renowned marine insurance broker based in London, Miller, has introduced a novel insurance package for grain exports from Ukraine in the Black Sea region. This development came after Russia's withdrawal from the Black Sea grain agreement in July, leading Ukraine to implement a provisional shipping pathway for grain transportation via it’s Black Sea harbors in Odesa, Chornomorsk, and Pivdennyi.

In the previous two weeks, more than five cargo ships have safely journeyed through this corridor, even amidst potential threats from Russia. This week, an additional three vessels have accessed Ukraine's Black Sea ports through this same route.

Miller's innovative Black Sea insurance package has been crafted in collaboration with Ukrainian officials. Furthermore, they have incorporated cutting-edge vessel tracking technology along with a round-the-clock operations centre that monitors the grain transportation corridor. This ensures an enhanced level of protection for both insurers and underwriters by maintaining real-time surveillance of all vessels using this route.

With the inception of this temporary shipping corridor, Ukraine has been actively negotiating with global marine insurance entities to extend coverage for grain vessels using this pathway.

Lloyd’s of London is currently in dialogue with the UN regarding the provision of insurance coverage for ships navigating the new Black Sea corridor. Lloyd’s of London's CEO, John Neal, emphasized that receiving approval from the UN is crucial for endorsing the insurance.

UN's trade chief, Rebecca Grynspan, who is at the forefront of U.N discussions with Moscow related to the Ukraine grain agreement, mentioned that although this new route represents significant strides, the associated risks are still considerable.