Sovcomflot insured its ships with Russian companies

Sovcomflot has managed to find an insurance scheme for its fleet in accordance with international requirements, despite the sanctions imposed. This was announced by Igor Tonkovidov, CEO, Chairman of the Management Board, PAO Sovcomflot on the sidelines of the SPIEF-22, a PortNews correspondent reports.

“After the restrictions came into force, our company faced certain difficulties and some of the foreign ports became inaccessible to our ships: in Canada, UK, Australia, the USA, and partly in the European Union. Banks required early redemption of outstanding loans, and P&I Clubs warned about the termination of insurance cover contracts. Despite this, we managed to resolve the issue of settlements on encumbrance without the risk of arrest of ships in foreign ports. We also managed to resolve the issue of insurance: at present, ships are insured by Russian companies with appropriate reinsurance, and technically we comply with all the rules of international trade,” Sovcomflot CEO said.

Source: PortNews