2023-11-15T17:45:00+02:00 Economy 2024-08-15T04:39:17+03:00

Ukrainian news

Cabinet creates new mechanism for insurance of ships against war risks

Cabinet creates new mechanism for insurance of ships against war risks

The Cabinet of Ministers has created a new mechanism for insurance of ships against war risks, which will allow to significantly reduce the current insurance premiums for carriers that export and import to Ukraine by sea.

This is stated in the message of the Ministry of Economy, Ukrainian News Agency reports.

"Ship insurance became possible thanks to cooperation with the leading British companies in the field of reinsurance - Marsh McLennan and underwriters Lloyd's of London through the launch of the Unity Facility mechanism. The total amount of coverage under this program is USD 50 million. This decision, first of all, will have a positive effect on work grain traders. The new mechanism will make it possible to reduce the cost of grain insurance by approximately 2.5 percentage points from the cost of the insurance tariff, which in turn will allow grain traders to save about UAH 100-140 per ton of cargo, and in general, it will bring additional up to UAH 4.0 billion to agricultural producers," noted the First Vice Prime Minister - Minister of Economy Yuliya Svyrydenko.

According to her, these funds will be directed to farmers, both in the form of an increase in the purchase price and for additional purchases.

Svyrydenko noted that the increase in the volume of Ukrainian exports by sea should contribute to the additional growth of the Ukrainian economy.

"After russia's withdrawal from the "grain agreement", many cargo ships were trapped. The decision adopted by the Government will ensure the safety of shipping, contribute to the stability of sea transportation, and also ensure the stable export of Ukrainian products through the ports of Ukraine," Svyrydenko summarized.

As Ukrainian News Agency earlier reported, on November 8, the russians hit a civilian ship under the flag of Liberia with a missile when it entered the port in Odesa.

On September 21, the bulk carrier Resilient Africa arrived in the Turkish Bosphorus Strait.

This is the first ship with grain from Ukraine that passed through the Black Sea through the temporary corridor.

On July 17, russia announced the withdrawal of shipping safety guarantees in the Black Sea to ensure the "grain corridor".