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Sovcomflot fleet fully covered by Russian insurers, CEO says By Reuters

© Reuters. FILE PHOTO: A flag depicting the logo of the Russian state-owned shipping conglomerate Sovcomflot, flies outside the company’s hearquarters in St. Petersburg, Russia, May 17, 2017. REUTERS/Anton Vaganov/File Photo

(Reuters) – RRussia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers withdrew cover.

Western insurers halted insurance cover for Russia’s biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine.

Sources told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships, including Sovcomflot’s fleet.

“Technically, we meet all international trade requirements,” CEO Igor Tonkovidov told reporters. “Currently, the company’s fleet is almost fully busy in shipping hydrocarbons, cargoes are delivered to different parts of the world.”

Sovcomflot is a key shipper of Russian oil and liquefied (LNG) cargoes globally.

Western insurance sources have said the Russian replacement cover would likely be enough to keep Russian vessels sailing around the world.

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