Global Shipping Insurance May Shift If Sanctions End, Bimco Says
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The global shipping industry should be open to working with a new group of insurers that emerged to support Russia’s so-called shadow fleet, provided they follow best practice, according to a leading maritime group.
The new insurers and P&I clubs — groups that pool risks — should be assessed based on their adherence to international safety and technical standards, Nikolaus Schues, president of shipping association Bimco, said in an interview. They may become legitimate should the Trump administration roll back sanctions on Russia, he said, with the US bidding to end the war in Ukraine.