Insured Marine Losses from Conflict Could Cost $6B

Insured Marine Losses from Conflict Could Cost $6B
Dryad Global's latest Maritime Security Threat Advisory highlighted reports that industry-wide insured marine losses from the Russia-Ukraine conflict could range from $3-6 billion.

Dryad Global’s latest Maritime Security Threat Advisory (MSTA) has highlighted reports that industry-wide insured marine losses from the Russia-Ukraine conflict could range from $3-6 billion due to a number of ships being damaged or lost.

In its latest MSTA, which was updated on May 16, Dryad Global outlined that two Russian naval anchor mines washed up on the Odesa coast recently but have since been deactivated. The MSTA also pointed out that Ukraine President Zelensky has called for international assistance in lifting the Russian blockade of Odesa and stated that the city of Odesa has been repeatedly hit by Russian sea-launched cruise missiles.

Dryad Global’s previous MSTA, which was updated on May 9, highlighted troubling events in the Black Sea. The MSTA noted that on May 6 Ukrainian media reported that an Admiral Grigorich class-frigate of the Russian Black Sea Fleet, the Admiral Makarov, was on fire near Snake Island after being hit by Ukrainian Neptune anti-ship missiles. A day later, reports emerged alongside footage that a Russian Landing Ship supplying a TOR anti-aircraft missile system to Snake island was hit by Ukrainian TB2 drones, the MSTA stated.

In a statement posted on his Twitter page on Tuesday, Zelensky said he had held productive talks with the Federal Chancellor of the Federal Republic of Germany Olaf Scholz.

“Discussed the situation on the frontline, further pressure on Russia, sanctions increase, the prospects of peace. Appreciate [German] support, including defensive one. We count on further [German] assistance on [Ukraine] path to full membership in the EU,” Zelensky added in the statement.

Nigeria, Libya

Looking elsewhere, Dryad Global’s latest MSTA highlighted that, on May 9, the Chief of the Nigerian Naval staff announced plans to extend its anti-piracy operations to neighboring country waters.

“Incidents of piracy by Nigerian pirates have extended up to 200 nautical miles off the coast of Nigeria in order to avoid the strengthened regional and international naval patrols in the Nigerian TTW,” the MSTA noted.

“The Nigerian Navy will deploy assets in constant patrols in neighboring waters in order to mitigate this threat,” the MSTA added.

The MSTA also noted that, in Libya, on May 11, the Libyan Ministry of Oil and Gas announced the resumption of operations at oil fields and ports.

“Previously, the Parliament Speaker Aqila Saleh had disclosed that oil terminals will open after the government sets up a mechanism for an equitable distribution of the country’s oil revenues amongst the region,” the MSTA said.

“On 14 May, violent clashes between armed groups erupted in the coastal city of Sabratah. The conflict has resulted in explosions in the Dahman district of the city,” the MSTA added.

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