Underwriters say it is unlikely they will have to start paying out on total loss claims for some of the 50 or more ships trapped in Ukraine ports.

As TradeWinds reported previously, there are around 50 non-Ukrainian ships over 10,000 dwt caught up in the conflict. They have a total market value of more than $900m.

The Thomas Miller-managed Hellenic War Risks reportedly has one of the highest exposures because of the high number of Greek bulk carriers stranded at Ukrainian ports, with London insurers also heavily on the hook for claims.