Sovcomflot fleet fully covered by Russian insurers, CEO says

A flag depicting the brand of the Russian state-owned transport conglomerate Sovcomflot, flies outdoors the corporate’s hearquarters in St. Petersburg, Russia, Might 17, 2017. REUTERS/Anton Vaganov/File Photograph

June 18 (Reuters) – RRussia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the duvet meets worldwide guidelines, the chief govt stated, after Western insurers withdrew cowl.

Western insurers halted insurance coverage cowl for Russia’s largest transport group when Sovcomflot was hit by sanctions after Moscow despatched troops throughout the border into Ukraine.

Sources advised Reuters this month that state-controlled Russian Nationwide Reinsurance Firm had turn into the primary reinsurer of Russian ships, together with Sovcomflot’s fleet. learn extra

“Technically, we meet all worldwide commerce necessities,” CEO Igor Tonkovidov advised reporters. “Presently, the corporate’s fleet is nearly absolutely busy in transport hydrocarbons, cargoes are delivered to totally different components of the world.”

Sovcomflot is a key shipper of Russian oil and liquefied pure fuel (LNG) cargoes globally.

Western insurance coverage sources have stated the Russian substitute cowl would possible be sufficient to maintain Russian vessels crusing world wide.

Reporting by Reuters; Modifying by Edmund Blair

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