Shipowners and brokers have told TradeWinds the marine insurance market is in chaos — with some underwriters turning down Russian business while others see an opportunity.

The rapidly changing picture was best illustrated by Hellenic War Risks — a key provider of cover to Greek owners — which stopped providing cover to Russia last week, only to reinstate it on Monday.

Market sources said there is still cover available, but it comes at a cost, and not just in terms of skyrocketing premiums, reported to be as high as 5% of a vessel’s value in the Black Sea in the wake of the Russian invasion of Ukraine.