Lloyd’s Market Association advices underwriters of poised situation in Ukraine
Overview
Russia’s announcement that it will close access to the Kerch Strait which connect the Black Sea and the Sea of Azov has triggered a reaction within the London insurance market.
The Joint War Committee of Lloyd’s Market Association has issued an advisory to the London market underwriters about the security situation in Ukraine, following a meeting in the committee on 20 April.
In the advisory, Lloyd’s Market Association informs underwriters that after assessing the situation, it considers the position to be poised but not yet critical, despite an increased risk of detention in the Black Sea.
Following the Committee meeting, it is in addition assessed that any closure of the Sea of Azov to civilian vessels - whether it be a blanket closure or prohibiting vessels with certain flags - would significantly increase the risk of prolonged detentions, according to Lloyd’s Market Association. It adds that if a closure of the Sea of Azov happens, the Committee feels it would have no choice but to designate the Sea of Azov as a Listed Area.
Feedback or a question about this information?
Posted:
21 April 2021
VPS Bunker Alerts
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
Latest ice reports for members
Latest piracy reports
Latest industry releasable threats
Related publication
Cyber Security Workbook for On Board Ship Use
A practical workbook on identifying cyber risks and how to respond in case of a cyber attack.
Related training
Marine Insurance Masterclass Online
- Online, Online
- 13 January, 2025
The Marine Insurance Masterclass Online is a series of 10 online sessions delivered over 5 days. Each day will run for 120 minutes with a short break and will f...
ELSEWHERE ON BIMCO
Contracts & Clauses
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
Learn about your cargo
For general guidance and information on cargo-related queries.
BIMCO Publications
Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.
About a new business partner
We can help members check new business partners. We also help to recover millions of USD (undisputed) funds every year.
