UK will insure ships that export grain from Ukraine

Sources in the industry told SkyNews about this. 

Insiders added that these shipments could require up to USD 50 million in insurance.

London's marine insurance market has placed the Black Sea region on the high-risk list and insurance costs have risen sharply.

For each voyage, each ship will need separate insurances, including for the cargo and for the ship itself. Insurers also charge an additional premium for entering such areas.

Insurer Lloyd's Ascot and broker Marsh have launched a facility for grain traders to provide up to USD 50 million of cargo cover for each voyage.

"We've had some requests over the last few days and we're fully hopeful that they'll be met. The fact that we have that means that when that happens, we'll be able to move", it is noted.