Bangladesh Shipping Corporation (BSC), a government agency, has demanded USD 2 crores and 24 lacs, which amounts to Tk 192 crores, as compensation from an insurance company for ‘Banglar Samriddhi’, a Bangladeshi ship that was damaged in a Russian missile attack in Ukraine. This is the first major maritime insurance claim in the Ukraine war. News by Reuters.
A total of five ships have been hit by missiles on the Ukrainian border since the start of Russia’s attack on Ukraine. One of the ships sank. On 2 March, an attack took place on the ‘MV Banglar Samriddhi’ ship, which was stranded in the Ukrainian port of Olvia. Hadisur Rahman, the ship’s third engineer, was killed.
According to Reuters, insurance premiums for cargo ships in Ukrainian waters have risen by more than 100% since the war began. Insurance companies are closely monitoring the situation to find out if this can be increased further. If it is implemented, they will increase the costs further.
BSC has started contacting the insurance company to get compensation for the ship. Reuters quoted a senior official of the company saying this.
BSC said that the ship was insured through the company to avoid wartime risks, which was later reinsured through Lloyd’s Broker Tigers in London. The ship’s insurance limit was set at 10% for general insurance and the remaining 90% for Tigers. However, Reuters did not receive any comment from the Tigers regarding the insurance.
Commodore Sumon Mahmud, Managing Director of BSC, told Reuters that it would take some time for the insurance claim to be settled. ‘We are taking all necessary measures to safeguard our interests,’ he said.
Those involved with the maritime insurance market in London say that risks are increasing the scope of shipping insurance, which is considered important in the region as a result of the Russia-Ukraine war, while the risk of commercial shipping is increasing as the war intensifies.
Bangladesh Shipping Corporation is a government agency under the Ministry of Shipping. The general cargo ship of this company ‘Banglar Samriddhi’ arrived at the port of Olvia in Ukraine on 24 February. Earlier in the day, Russia launched an attack on Ukraine. On the seventh day of the attack, a rocket attack took place on the Bangladeshi ship. Then on 3 March, 28 sailors on board were rescued with the help of Bangladeshi nationals living in the vicinity of the port. They were later evacuated to a bunker in Ukraine. On 9 March, the ship’s sailors and engineers returned home.
