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Insured Marine Losses from Conflict Could Cost $6B

Insured Marine Losses from Conflict Could Cost $6B

According to projections in Dryad Global’s latest Maritime Security Threat Advisory (MSTA), industry-wide insured marine losses from the Russia-Ukraine conflict might range from $3-6 billion as a result of a number of ships being damaged or lost.

Two Russian naval anchor mines washed ashore on the Odesa coast lately, but have subsequently been deactivated, according to Dryad Global’s latest MSTA, which was updated on May 16. The MSTA also said that Ukraine President Zelensky has requested international assistance in easing the Russian blockade on Odesa, claiming that Russian sea-launched cruise missiles have repeatedly attacked the city.

The previous MSTA from Dryad Global, which was updated on May 9, highlighted concerning events in the Black Sea. According to the MSTA, on May 6, Ukrainian media stated that the Admiral Makarov, a Russian Black Sea Fleet Admiral Grigorich class frigate, was on fire near Snake Island after being damaged by Ukrainian Neptune anti-ship missiles. A day later, the MSTA reported that a Russian Landing Ship delivering a TOR anti-aircraft missile system to Snake Island was attacked by Ukrainian TB2 drones.

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Zelensky claimed he had fruitful meetings with Federal Chancellor of the Federal Republic of Germany Olaf Scholz in a statement posted on his Twitter page on Tuesday.

“We discussed the frontline situation, increased pressure on Russia, increased sanctions, and the possibilities for peace.” Appreciate the [German] assistance, including defense assistance. In the statement, Zelensky added, “We expect continued [German] assistance on [Ukraine’s] route to full EU membership.”

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I had a productive conversation with @Bundeskanzler. The frontline situation, increased pressure on Russia, sanctions, and peace chances were discussed. Appreciate all kinds of help, especially defensive help. We expect more help on the road to full membership in the #EU — олодимир еленcки (@ZelenskyyUa) May 17, 2022

Libya, Nigeria

In other news, the Chief of the Nigerian Naval Staff revealed plans to expand anti-piracy operations to neighboring country waterways on May 9, according to Dryad Global’s current MSTA.

“In order to evade the enhanced regional and international naval patrols in the Nigerian TTW, incidents of piracy by Nigerian pirates have extended up to 200 nautical miles off the coast of Nigeria,” the MSTA reported.

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“In order to mitigate this threat, the Nigerian Navy would deploy assets in constant patrols in nearby waters,” the MSTA added.

On May 11, the Libyan Ministry of Oil and Gas confirmed the restoration of operations at oil fields and ports, according to the MSTA.

“Previously, Parliament Speaker Aqila Saleh stated that oil terminals will be opened when the government establishes a mechanism for an equal distribution of the country’s oil profits among the region,” according to the MSTA.

“Violent skirmishes between armed factions occurred on the 14th of May in the coastal city of Sabratah. The conflict resulted in explosives in the city’s Dahman area, according to the MSTA.

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