Insurance broker Miller has unveiled a marine insurance facility for Ukrainian grain exports, backed by the government in Kyiv.
Ukraine has been using a new corridor heading south which hugs close to its shoreline from three Black Sea ports to shift its grain exports in the wake of Russia deciding to walk away from a United Nations-brokered grain shipping pact in July.
London-headquartered Miller said it had teamed up with British maritime technology company Clearwater Dynamics (CWD) to develop a war risks insurance facility covering both cargo and hull insurance for grains shipments via three ports – Chornomorsk, Odesa and Pivdennyi.
“Insurance has a critical role to play in enabling the shipping of Ukrainian grain, and we are proud to have been able to play a role in providing an industry-wide solution,” commented Miller marine head Nick Summers. “Working closely with Clearwater Dynamics, we have been able to show the huge real-world impact that insurance can have by combining technology with deep sector expertise.”
Another insurer Marsh has also been developing its own Ukraine grain shipping insurance, details of which are expected to be revealed soon.
Data from Oceanbolt shows Ukraine has managed to ship just 192,000 tons of grain in the last 30 days, principally via its river ports. By contrast, it was able to ship nearly 700,000 tons for the month of May when the Black Sea Grain Initiative was still running smoothly.
