Shipping firm seeks government support to insure vessels at war risk

Takaya Soga, chief financial officer at Japan-based Nippon Yusen Kabushiki Kaisha, said that the shipping company is seeking a government guarantee to insure vessels at risk from the Russia-Ukraine war, as the private sector alone cannot cover for the risks, Yahoo Finance reported citing Bloomberg. Mr. Soga added that the conditions for getting war insurance for vessels entering Russian waters have become stricter and suggested a framework similar to the one made for Iranian crude oil as a next step.