According to the UN agency in charge of shipping safety, removing sea mines near Ukraine’s key ports could take months, leading to hundreds of sailors remaining stranded in the region and an excess of time required for ships to enter or depart.
Following Russia’s invasion of Ukraine, several merchant ships were hit by the mines. This led to a spike in freight and insurance costs and some shipping companies avoiding the region.
Since the onset of the war, Russian ships have blocked Ukraine’s access to the Black Sea, essentially halting exports. With Moscow blaming Ukraine for refusing to remove the mines, efforts to reopen the ports remain at a standstill.
For questions/comments, please contact our insurance specialists at: info@worldinsuranceagency.com