Massive war risk payouts loom for ships stranded in Ukraine

Ships stranded around the east Ukrainian port of Mykolaiv are set to be the centre of war risk insurance payouts amounting to hundreds of millions of US dollars on the anniversary of Russia’s invasion.

The region has the highest concentration of ships that have remained stranded at Ukraine ports since Russian tanks rolled across the Ukraine border on 24 February last year.

The port sits right on the frontline of the battle between Ukrainian and Russian forces, which has severely restricted access and prevented ships from leaving.