Sovcomflot says its fleet is fully covered by Russian insurers

Russia’s state-run Sovcomflot said late last week that it had insured all its cargo ships with Russian insurers and that the cover met international rules, its chief executive said Igor Tonkovidov.

Western insurers halted insurance cover for Russia’s biggest shipping group when Sovcomflot was hit by sanctions, subsequent to the Russian invasion of Ukraine.

Reuters reported, citing unnamed sources, 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,” 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 natural gas (LNG) cargoes globally.

The Russian replacement cover was thought likely be enough to keep Russian vessels sailing around the world.

Meanwhile, many Russian ships have switched classification societies in recent months. According to the International Association of Classification Societies (IACS) more than 50 Russian ships, including many from Sovcomflot, have moved to be classed by IACS member the Indian Register of Shipping, which is based in Mumbai.

In Q2 this year IRClass was the fastest-growing classification society in the world.