Total loss claims for trapped ships in Ukraine could hit US$1 billion

Marine markets face a profusion of "total loss" claims for trapped ships early in 2023, one year after the shutdown of Ukrainian ports, a London audience of practitioners has been told. Ukrainian ports have been closed for vessel entry and exit since 25 February 2022, the day after the Russian invasion, and mines are reported to have been planted, effectively blocking as many as 100 vessels in ports and up rivers. The full value of vessels trapped is unclear, but it could be as much as US$800 million to $1 billion. At the time of the invasion many of the vessels had war risks policies, but on 24 February war risks insurers began to use their right to demand extra premium to extend the cover.