Espreso. Global

Ukraine's government creates new mechanism for insuring ships against war risks

15 November, 2023 Wednesday
17:37
client/title.list_title

The Cabinet of Ministers of Ukraine has created a new mechanism for insuring ships against war risks, which will significantly reduce the current insurance premiums for carriers exporting and importing to Ukraine by sea

This is stated on the website of the Ministry of Economy.

The relevant decision, which paves the way for cooperation with British reinsurance companies, was made at a government meeting on 14 November.

According to Yulia Svyrydenko, Minister of Economy of Ukraine, ship insurance became possible thanks to cooperation with leading British reinsurance companies - Marsh McLennan and underwriters Lloyd's of London through the launch of the Unity Facility. The total coverage under this program is $50 million.

"This decision will primarily have a positive impact on the work of grain traders. The new mechanism will reduce the cost of grain insurance by about 2.5 percentage points of the insurance tariff, which in turn will allow grain traders to save about UAH 100-140 per tonne of cargo, and in total, it will bring agricultural producers an additional UAH 4.0 billion," the Minister of Economy said.

She added that these funds will be allocated to agrarians both in the form of an increase in the purchase price and additional purchases. The increase in the volume of Ukrainian exports by sea should contribute to additional growth of the Ukrainian economy.

"After Russia's withdrawal from the grain deal, many cargo ships were trapped. The decision taken by the Government will guarantee the safety of navigation, promote the stability of maritime transport, and ensure the sustainable export of Ukrainian products through Ukrainian ports," Svyrydenko stressed.

The Ministry of Economy stressed that in the 2023/2024 marketing year, according to forecasts, Ukraine plans to export about 50.7 million tonnes of grain. As of 18 October 2023, 7.9 million tonnes of grain have already been exported, 70% of which was by sea.

Recently, Ukraine, together with a pool of British insurance companies, created a special mechanism to make the grain corridor more accessible to exporters. 

Tags:
Read also:
  • News
2024, Saturday
18 May
21:05
Exclusive
Macron's invitation of Russia to Normandy is serious political mistake - diplomat
20:42
Russian army counts on rapid advance: Zelenskyy on Kharkiv direction
20:20
Ukrainian forces shoot down Russian Su-25 over Donetsk region
19:59
OPINION
China wants Russia's victory in Ukraine
19:37
DeepState reports Ukraine's loss of another village near Vovchansk
19:14
Exclusive
Russia fails to penetrate deep into Ukrainian troops' defense: military on situation near Vovchansk
18:52
Russia changes location of Bastion system in Novorossiysk - Atesh
18:31
Poland to allocate $2.5bn for fortifications on borders with Russia, Belarus - PM Tusk
18:08
Ukrainian soldiers destroy Russian tanks heading for border in Kursk region
17:45
How many Crimean Tatars are fighting for Ukraine: Mustafa Dzhemilev answers
17:22
Ukrainian soldiers destroy two Russian tanks: video
17:00
Exclusive
Chinese, French, Americans mull 'third Yalta without Russia' concept - Piontkovsky
16:37
Exclusive
Russia wants to turn both Sumy and Kharkiv into 'gray zone'- Major Hetman
16:14
Crimean Tatars are preparing to help Ukraine's Armed Forces on peninsula - Mustafa Dzhemilev
15:51
Exclusive
Shoigu has no power as Secretary of Russian Security Council - Piontkovsky
15:28
Russian army unsuccessfully storms Chasiv Yar with columns of tanks, IFVs for second day
15:05
UK intelligence assesses impact of attack on Belbek air base for Russian air defense in Crimea
14:42
Review
Problems of Russian defense industry, Ukrainian drone strikes, situation in Kharkiv region. Weekly military results by Serhiy Zgurets
14:19
Exclusive
Russian army tries to seize Vovchansk, Ukrainian troops fight back - 92nd Brigade
13:57
Russia attacks Donetsk region 2,352 times in 24 hours, killing 3 people, injuring 5 more
13:36
Russia doesn't have enough forces for full-scale offensive on Kyiv - Zelenskyy
13:14
Exclusive
Why it is important for Ukraine to hold Krynky bridgehead: Southern Defense Forces tell
12:51
Ukrainian drone attacks disable about 14% of Russia's oil refining capacity
12:30
Updated
Port, oil refinery attacked in Russia's Krasnodar region: air defense allegedly shoots down 44 UAVs
12:07
Russia poses long-term threat to NATO, says Allied Commander Europe Cavoli
11:45
Russia is strengthening its naval base in Novorossiysk - Atesh
11:23
Russia loses 1,210 soldiers, 43 armored vehicles, airplane in Ukraine per day
11:01
Russia's night attack: Ukraine’s Air Force destroys all 13 Shaheds
10:39
Updated
Russia attacks Kharkiv several times, causing multiple casualties
2024, Friday
17 May
21:30
Defense Express assumes what drones Ukraine used to attack targets in Russia
21:10
Review
Victorious news of 814th day of war: massive drone attack on Crimea, new military aid package from Lithuania
20:56
Frontline situation is most intense in Kramatorsk, Pokrovsk, Kurakhove sectors. Ukrainian drone operators work in Krynky area
20:31
Russia teaches abducted Ukrainian children that Ukraine doesn't exist - Olena Zelenska
20:10
Updated
Russia targets Odesa with missiles three times in row, killing one person
19:51
Lithuania to donate 6 AMBER 1800 radar systems to Ukraine as part of IAAD
19:30
Russia recruits foreign 'journalists' to spread propaganda - Center for National Resistance
19:09
Why Ukraine's Deputy Prime Minister Kubrakov had to be dismissed?
18:50
Exclusive
Kherson city council member slams fortifications in Kherson region
18:31
Zelenskyy signs law on mobilization of convicts
18:17
Exclusive
Two MiG-31, Su-27, MiG-29 aircraft: Russian targets destroyed in Belbek
More news