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…
An area of the Indian Ocean near Somalia—once known as a piracy hotbed—has been removed from the shipping industry's list of high-risk areas following more than a decade of military, political, civil society and the industry measures to secure the…
Shipowners and charterers carrying commodities in the Indian Ocean are unlikely to see lower insurance premiums in the near term despite industry bodies’ decision to remove the region’s High Risk Area, or HRA, status, several maritime executives said Aug. 23…
A total of 33 cargo ships carrying just under 720,000 tonnes of foodstuffs have left Ukraine under the deal between Russia and Ukraine last month that was brokered by the UN and Turkey, the Ukrainian agriculture ministry said on Tuesday…
War risk underwriters have started releasing quotes on dry bulks involved in humanitarian grain exports from Ukraine. The concerns for global food insecurity paired with the safe passage of ships in the early days of the trade and the recent…
Russia, Ukraine, Turkey and the UN on Monday August 8th agreed that ships exporting Ukrainian grain through the Black Sea to Turkey and beyond would be protected by a 10-nautical-mile buffer zone. Since the four-way agreement was brokered in July…
