Potential Changes in Global Shipping Insurance Linked to Easing of Russia Sanctions, According to Bimco

By Weilun Soon
Mar 25, 2025 (Bloomberg) – The global shipping sector might want to consider collaborating with a fresh wave of insurers that have popped up to back Russia’s so-called shadow fleet, provided that they stick to established best practices. Nikolaus Schues, the president of Bimco, a prominent maritime association, shared his thoughts in a recent chat. He noted that these new insurers and P&I clubs—groups that share risks—should be evaluated on how well they comply with international safety and technical standards. If the Trump administration decides to ease sanctions on Russia in its quest to resolve the Ukraine conflict, these newcomers could gain legitimacy.

“Some of these emerging insurers might eventually join the International Group of P&I Clubs,” Schues mentioned during an industry event in Singapore—a key hub for shipping. “I’m optimistic that once sanctions are lifted,we’ll see a decline in the less reputable parts of this parallel fleet.”

The shipping world is keeping a close eye on U.S. efforts aimed at ending the ongoing war sparked by Russia’s invasion of Ukraine over three years ago. There’s growing speculation about potential relaxations on extensive sanctions against Russia—including those affecting its access to Western marine insurance linked to crude oil pricing.

To navigate around these restrictions, various entities willing to engage with Moscow have created an extensive dark fleet comprised mainly of older vessels. Alarmingly, some tankers within this group have operated without any known insurance coverage—a significant worry for other ships and environmental advocates alike—while others have secured backing from newer players like the China P&I Club. This organization has emerged as a dependable global insurer outside customary IG circles.

“Just because someone is new doesn’t mean they’re untrustworthy,” Schues remarked casually at the conference. “However, it’s essential for newcomers to demonstrate their reliability first.”

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