Owners are turning to a variety of costly methods to insure ships heading for Ukraine while a more financially viable package is being finalised by insurance broker Marsh.

Two small bulk carriers successfully completed a grain voyage this week and have been followed by three vessels now heading to Ukraine’s deep-sea grain ports.

Although mainstream war risk insurers have pulled out of the trade, it is understood these ships have either had to go in uninsured or pay around 5% of insured values in premium.