After two bulk carriers arrived at one of the ports of Greater Odesa last week—the first time since Russia's withdrawal from the Black Sea grain deal—to load grain and departed, followed by the arrival of three vessels at the ports of Pivdennyi and Chornomorsk to load grain and ore, Western media outlets have noted that Ukraine's "new shipping corridor" is gaining traction.
According to industry publication Splash, "further ships are ready to make the voyage to the northwest of the Black Sea, with the dry bulk community watching closely for signs of a new insurance package to cover the trips to the war-torn nation," the CFTS portal reports.
The Marsh insurance company is expected to announce details of a new insurance coverage, backed by the Ukrainian government, as early as this week, the publication wrote.
Giving details of the new shipping corridor, law firm Campbell Johnston Clark (CJC) wrote in a weekly update: “Under this new route, ships sail close to Romanian and Ukrainian shores, passing Chornomorsk to meet a Ukrainian pilot boat off Odesa,” the publication added.
According to the publication, Kyiv has already used this new corridor since August to release five vessels trapped in Ukraine when the war began, including one container ship and four bulk carriers.
“The changing military dynamics in the Black Sea, with Ukraine hitting military installations and naval assets in Crimea, and regaining control of abandoned offshore gas and oil rigs, have also contributed to Ukraine’s push to expedite grain exports by sea,” the publication quoted CJC as saying.
As reported earlier, Ukraine has created an insurance guarantee fund to cover war-related risks for shipowners with UAH 20 billion from the state budget. However, the insurance payout procedure established by the Ukrainian Cabinet of Ministers did not cover cargo risks. Therefore, the insurance mechanism is currently being finalized.
