Fears of massive total loss claims in the Black Sea averted but more general losses in the insurance sector will have an impact. The United Nations World Food Programme has opened the door for dozens of ships trapped at Black…
Insurance union is pushing for regulatory changes to tackle persistent safety problems. The International Union of Marine Insurance (IUMI) policy forum has been facing a growing list of safety concerns, partly driven by the technological challenges of the shift to…
A Ukrainian presidential adviser said on Wednesday that Russia had no grounds to review the landmark deal allowing Ukraine to export grain from ports in the Black Sea and that the terms of the wartime agreement were being strictly observed…
The future for Ukraine grain shipments out of the Black Sea has been cast into doubt with Russian president Vladimir Putin yesterday questioning the terms of the shipping deal his country struck with its foe in July. Signed in Istanbul…
The decision by Ukraine late in August to exempt its seafarers from mandatory service in the armed forces, and to be allowed to leave the country to work on ships internationally, would free up manpower for both Ukrainian grain exports…
China voiced its opposition to a price cap on Russian oil on Monday, after the Group of Seven finance ministers agreed last week to impose such a cap to slash revenues for Moscow's war in Ukraine. China has refused to…
Capping the price of Russian oil, an approach G7 members said Friday they want to pursue “urgently,” would be an unprecedented move and one which some analysts say could backfire. Russian oil would be purchased at a discount from prevailing…
Global oil market benchmark Brent crude was down about 1.5% to $95 (€94) this week, returning to levels last seen before Russia invaded Ukraine in late February, when Brent was as high as $139 a barrel. This is mainly due…
Russia's Foreign Minister Sergei Lavrov said on Tuesday that the West was not honoring its promise to help Russian food and fertilizer exports reach global markets, raising potential questions about Russia's commitment to a landmark grain deal struck with Ukraine…
Chairman's statement 2022 Dear members I can report that in its 30th financial year, ITIC has produced a strong surplus. ITIC, combined with its mutual reinsurer TIMIA, returned a US$8m surplus for the year to 31st May 2022 (“2021/22”) after…
