Fears over the safety of crews and soaring insurance premiums are discouraging ship owners from sending vessels to Ukraine or Russia, according to the International Chamber of Shipping. Trade flows of goods from wheat to crude oil are expected to face disruption, it said in an e-mailed statement.
Russia’s ongoing invasion of Ukraine has the shipping industry bracing for new shocks to its labour force, which relies on experienced crew from both countries.
Ukrainian and Russian seafarers make up nearly 15% of the industry’s 1.9 million seafarers and a high proportion of its officers and ranked crew. Now Ukraine has conscripted men under 60 and forbidden them to leave the country, while some of those who are on board already have asked to go home to fight or reunite with their families. Flight bans have made it hard for Russian seafarers to get to their ships or to return home, and are interfering with crew rotations.
