Ukraine finalizing deal with global insurers to cover ships carrying grain via Black Sea

MOSCOW. Aug 21 (Interfax) - Ukraine is finalizing a scheme with global insurers to provide coverage to ships carrying grain to and from its Black Sea ports, Ukrainian media quoted former Deputy Economy Minister Alexander Griban as saying in an interview with The Financial Times.

The deal is "currently being pursued and actively discussed" between the relevant ministries, as well as local banks and international insurance groups, including Lloyd's of London, Griban said.

The scheme could be put into effect next month to cover from five to 30 ships travelling through the "danger spot" in Ukrainian waters, he said.

The Joseph Schulte dry cargo ship left the Odessa port on August 16 to be the first vessel to pass through a provisional corridor in the Black Sea. It reached the Turkish coast and anchored at the Port of Ambarli near Istanbul on August 18. The Joseph Schulte had been stranded at the Odessa port with 2,000 containers and 30,000 tonnes of cargo, including foodstuffs, from February 23, 2022.

Ukrainian media quoted Natalya Gumenyuk, spokesperson for the southern group of Ukrainian forces, as saying on national television that the provisional corridor was functioning based on the premise that ship owners fully realize the danger and decide whether to take advantage of this route only after carefully weighing all factors, which the owner of the Joseph Schulte actually did.