Chief executive Igor Tonkovidov says Sovcomflot (SCF Group)’s fleet of more than 100 tankers and LNG carriers has insurance cover in place to continue trading after it was hit by international sanctions.
According to reports from news agency Reuters, he told reporters in Russia that Sovcomflot “met all the international requirements”.
“Currently, the company’s fleet is almost fully busy in shipping hydrocarbons. Cargoes are delivered to different parts of the world,” he said.
The Russian National Reinsurance Co is reported by Reuters to be the source of insurance cover for Russian ships.
The main concern from Russian tanker operators has been how to secure protection and indemnity insurance, which includes third-party liability cover in the case of a casualty.
P&I cover is mandatory to trade under international conventions.
The International Group of P&I Clubs’ members are understood to have withdrawn cover from Sovcomflot after it was named in international sanctions.
Russian shipping companies also face a direct ban on the provision of marine insurance related to oil exports in the latest package of measures announced by the European Union.
TradeWinds recently reported how Sovcomflot has been able to keep its ships’ classification within the International Association of Classification Societies (IACS) after the leading class societies withdrew services from the company.
It has switched most of its tanker tonnage to the India Register of Shipping, which is one of the smaller members of IACS.