Sovcomflot fleet fully covered by Russian insurers, CEO says

(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 delivery group when Sovcomflot was hit by sanctions after Moscow despatched troops throughout the border into Ukraine.

Sources instructed Reuters this month that state-controlled Russian Nationwide Reinsurance Firm had turn out to be the primary reinsurer of Russian ships, together with Sovcomflot’s fleet.

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

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

Western insurance coverage sources have stated the Russian substitute cowl would seemingly be sufficient to maintain Russian vessels crusing all over the world.

(Reporting by Reuters; Modifying by Edmund Blair)