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Bangladesh firm to get $22 million payout for missile-hit vessel

Posted On: Mar. 1, 2023 10:09 AM CST

War risk

State-owned Bangladesh Shipping Corp. is expected to receive an insurance payout of $22.5 million for its vessel Banglar Samriddhi, which was damaged by a missile explosion in Ukraine in March 2022, Reuters reported. The vessel is insured through Bangladesh-based Sadharan Bima Corp. and reinsured through U.K.-based Beazley PLC and Tysers Insurance Brokers Ltd. This will be one of the first shipping claim settlement to be paid since the start of the Russia-Ukraine war.