Ukraine has filed a letter with the International Maritime Organization formalising an alternative route for shipping after Russia pulled out of the Black Sea Grain Initiative.
But the impact of the move may be limited until insurance arrangements are worked out for ships on the route, which aims to use Romanian territorial waters of the Black Sea to connect southwestern Ukraine with international markets.
In a letter to IMO secretary general Kitack Lim, Ukraine deputy prime minister Oleksandr Kubrakov said it established the “recommended maritime route” on a temporary basis.
“Its goal is to facilitate the unblocking of international shipping in the northwestern part of the Black Sea,” he wrote.
After Russia pulled out of the grain initiative in July, Ukraine reached out to the Black Sea nations of Romania, Bulgaria and Turkey to facilitate passage through their territorial waters, Kubrakov wrote.
He said that ships that use the route should hew as closely as possible to Romania’s coast.
Kubrakov asked the IMO to circulate the letter to member countries.
TradeWinds reported on Monday that insurance broking giant Marsh was in talks to figure out cover for vessels on the corridor. Ukraine is offering missile protection for vessels on the route, but a deal hinges on an agreement between Kyiv and the private insurance industry to share risk.
Despite that possibility, the dangers of bringing ships into Ukraine’s ports are clear.
Russia has repeatedly attacked grain infrastructure at Odesa and at the ports on the Danube River, which winds along the border with Romania.
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