Skuld is hard at work shutting down business with its large Russian client Sovcomflot, which has been hit by sanctions following Russia’s invasion of Ukraine. The maneuver also means that a Sovcomflot representative on Skuld’s board of directors will step down, WPO learns.
Photo: PR-FOTO
On account of the EU’s sanctions, marine insurer Skuld must bid farewell to major Russian client and tanker carrier Sovcomflot, which has around half its fleet of 100 ships insured by the Norwegian company.
Skuld is in the process of shutting down its business with the Russian client, WPO has learned, which also means that a Sovcomflot representative on Skuld’s board of directors will resign.
Skuld has no comment on this information.
49 ships insured
But Skuld has previously told WPO that the insurer was in the process of investigating what consequences the EU’s list of sanctions against Russian businesses, and not least of all Sovcomflot, would have for the insurance firm.
Out of the around 100 ships reported as part of Sovcomflot’s fleet by database VesselsValue, 49 has Skuld as their P&I club. Skuld declines to confirm the exact number of ships insured.
”We can confirm that Skuld insures parts of the Sovcomflot fleet,” said Chief Executive Ståle Hansen in a written reply to WPO in March.
Sovcomflot’s combined fleet amounts to 133 ships, according to the carrier. The number includes vessels owned via joint ventures.
Russian board member steps down
Until April 21, 2022, Alexey Ostapenko, VP and chief legal council at Sovcomflot, was also listed as a member of the Skuld board of directors. Now, however, he doesn’t figure on the insurer’s website.
As Sovcomflot is affected by both the EU’s sanctions and Norway’s guidelines, Ostapenko cannot continue as a board member, according to WPO’s information.
Skuld’s board consists of a number of prominent shipping profiles headed by Chair Klaus Kjærulff, former CEO of Torm.
Moreover, Martin Nørkjær Larsen, who also holds seats at A.P. Møller Holding, Navigare Capital Partners and Maersk Tankers Holding, is also on the Skuld board. Erik Hånell, CEO of Tanker carrier Stena Bulk, is also part of the board.
Ostapenko is not just anyone, as he is also a Russian member of the International Chamber of Shipping (ICS).
WPO has requested a comment on the development from Sovcomflot, and on where the sanctioned Russian tanker carrier will instead have its vessels insured going forward.
So far, Sovcomflot has not responded.
According to WPO’s information, Skuld has a relatively short time available to get rid of potentially sanctioned clients and persons. The Norwegian guidelines stipulate a time period ending on May 15 and May 24, respectively.
English edit: Jonas Sahl Hollænder
