BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
(Reuters) — Ships exporting Ukraine grain through the Black Sea will be protected by a 10 nautical mile buffer zone, according to long-awaited procedures agreed to by Russia, Ukraine, Turkey and the United Nations on Monday.
The United Nations and Turkey brokered a deal last month after Russia's Feb. 24 invasion of Ukraine halted grain exports, stoking a global food crisis that the United Nations says has pushed tens of millions more people into hunger.
Since then Russia, Ukraine, Turkey and the United Nations have been working to hammer out written procedures in the hope that it will assure shipping and insurance companies enough to resume grain and fertilizer shipments from the Ukrainian ports of Odesa, Chornomorsk and Yuzhny.
“We very much hope it will increase the traffic under this initiative," said a spokesman for U.N. Secretary-General Antonio Guterres.
The initiative has been operating in a trial phase for the past two weeks. Ten ships — stuck in Ukraine since the war started — have departed with corn, soybeans and sunflower oil and meal. Two empty vessels have traveled to Ukraine to collect shipments.
Ukraine, along with Russia, is a major global supplier of wheat and other foodstuffs. However, the first ship to depart Ukraine under the U.N. deal last week is now looking for another port to unload after the initial Lebanese buyer refused delivery, citing a more than five-month delay.
The United Nations has stressed that the export deal is a commercial — not humanitarian — operation that will be driven by the market. All ships are required to be inspected to allay Russian concerns they could be smuggling weapons into Ukraine.
Neil Roberts, head of marine and aviation at Lloyd's Market Association — which represents the interests of all underwriting businesses in the Lloyd's of London insurance market — told Reuters that the industry could now "play its part."
“The successful exit of multiple vessels was beyond the imagining of most people only a few weeks ago and to have come this far is extraordinary,” Mr. Roberts said. “To actually achieve the goals of the U.N.'s initiative would be something for historians to reflect on.”
The shipping and insurance industry wanted assurances of a secure journey with no threat of sea mines or attacks to their ships and crews. These are typically covered in standard operating procedures, which is what was agreed on Monday.
“The parties will not undertake any attacks against merchant vessels or other civilian vessels and port facilities engaged in this initiative,” according to the “procedures for merchant vessels” document.
One insurance industry source said the procedures “read as a reassuring set of rules. But will all sides stick to it?”