Lloyd’s of London insurer Ascot is pausing writing cover for new shipments using the Ukrainian grains corridor until it can better understand the situation, a senior official said on Monday.

Moscow said it was forced to pull out of the Black Sea grain shipping deal after blasts damaged Russian navy ships in the Crimean port of Sevastopol on Saturday.

“From today we are pausing on quoting new shipments until we better understand the situation,” Ascot head of cargo Chris McGill told Reuters. “Insurance that has already been issued still stands.”

(Reporting by Jonathan Saul and Carolyn Cohn; editing by David Goodman)

Photograph: A boat with Russian, Ukrainian, Turkish and U.N. officials heads to the Sierra Leone-flagged cargo ship Razoni, to check if the grain shipment is in accordance with a crucial agreement signed last month by Moscow and Kyiv, at an inspection area in the Black Sea off the coast of Istanbul, Turkey, on Wednesday, Aug. 3, 2022. The cargo ship Razoni, loaded up with 26,000 tons of corn, set sail from Ukraine’s Odesa on Aug. 1, enroute to final destination, Lebanon. Photo credit: AP Photo/Emrah Gurel.

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Topics
Carriers
Excess Surplus
Ukraine
Lloyd’s

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