Two more bulk carriers have departed Ukrainian ports loaded with agricultural products, according to the United Nations.—

The UN said 12 ships that were caught up in the conflict since February have now sailed from Ukraine carrying 375,000 tonnes of cargo.

The gradual departure of vessels is reducing potential losses for marine underwriters, which were facing total loss claims for ships if they remained trapped in Ukraine ports.

The 75,700-dwt Ocean Lion (built 2005) departed Chernomorsk on Tuesday with a cargo of corn destined for the South Korean port of Incheon.

The Turkish-owned, 7,100-dwt Rahmi Yagci (built 2022) has left the same port with a cargo of sunflower meal and is heading for Istanbul.

Two more bulk carriers — the 13,500-dwt Fulmar S and 30,600-dwt Osprey S (both built 2007) — are inbound for Chernomorsk to pick up cargoes.

Local estimates indicate that 37 bulk carriers were stuck at Ukraine ports with $251m of grain and other agricultural cargoes when the conflict broke out.

The ships are mainly at the ports of Chernomorsk, Odesa and Yuzhny.

The gradual departure of vessels caught up in the conflict since February will come as a relief to marine underwriters — and their reinsurers — which were faced with total losses of more than $900m if all the foreign-flagged ships had remained trapped in Ukraine for more than 12 months.

Under war risks terms, shipowners can claim for total loss — under the blocking and trapping clause — if they are held in a war zone for more than a year.

Without the agreement to allow humanitarian grain exports that enabled the ships to sail, by next February underwriters could have been faced with dozens of shipowners making total loss claims.

According to local port information, some of the ships still waiting to leave are the 38,900-dwt I Maria (built 1991), 73,000-dwt Emmakris III (built 2000), 29,000-dwt Da Liang (built 2014), 32,600-dwt PolarStar (built 2006), 76,600-dwt Bonita (built 2001), 82,200-dwt Star Laura (built 2006), 81,000-dwt Nord Virgo (built 2014) and 12,500-dwt Thoe (built 2006).

Insurance is a key consideration for these vessels that can resume their journeys. Some of the ships, which are covered by mutual war risk insurers such as Hellenic War Risks, have had a continuation of cover since they were trapped at the ports.

Some other ships covered in the commercial insurance market may have had their cover withdrawn and could be essentially self-insured, according to broking sources.