Grain corridor style solution ‘possible’ for war-trapped vessels, says IUMI

As the 12-month deadline for total loss claims for ships trapped in Ukrainian ports by the war approaches,  IUMI said there are currently between 40-45 vessels stuck.

Frédéric Denèfle, IUMI president, said: “After 12 months, this has been largely considered a technical process and shipowners can consider the vessel a total loss because it’s been detained for 12 months due to the war situation."

He said IUMI was “waiting to see” how the situation will develop for those vessels that have been trapped since the dramatic escalation of Russia-Ukraine hostilities on February 24, 2022.

“There is not much we can do but wait and try to understand what's going on regarding potential discussions between governments or international institutions to try to release those vessels.”

Referencing the grain corridor that began in August 2022, he suggested that a similar agreement could be reached for these war-trapped ships relatively soon. He said that with the black sea grain corridor, “after having discussions for months where they [the relevant authorities] did not agree, all of a sudden it was accepted that these three harbours could have the benefit of this grain corridor”.

He said: “It could be the same thing before the end of the weeks to come. We could maybe face a situation where we have a positive outcome regarding potential discussions between those states or international organisations. We have to wait and see.”

Efforts to put a figure on war-related shipping losses appeared to be equally difficult. Isabelle Therrien, chair of IUMI’s Cargo Committee, said a wide range of numbers had been suggested from several hundreds of millions “to higher numbers that start with a ‘B’”.

War premiums are ‘not easy to flush out,” added Jun Lin IUMI chair of the Facts and Figures Committee.

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