The ageing bulk carrier which moved the first grain export shipment from Ukraine since the Russian invasion appeared to be uninsured for either hull war risk or cargo risk, at least in the London market, Lloyd’s List reported sources as saying.

The Razoni vessel is reportedly not entered with any of the 13 International Group P&I clubs, which collectively cover 90% of the world fleet, and is presumed to have taken out alternative fixed premium cover, according to sources quoted in the 10 August report.

It was also unclear what arrangements the vessel had in place for P&I cover, which is a legal requirement of trading, the report said.

It is legal to sail without either cover, however, the decision to do so indicated a high degree of risk by the registered owner of the ship, Lloyd’s List wrote.

Razoni’s cargo of 26,000 tonnes of corn had been rejected by its original Lebanese buyer due to the lengthy time since the conclusion of the deal, the report said, and an alternative buyer was now being sought.

At the time of the report, the ship was anchored in Turkey after leaving the port of Odessa on 1 August, according to Lloyd’s List Intelligence data. It had been due to dock in Tripoli, Libya, on 7 August.

The Razoni had been the first ship to leave Ukraine under the agreement brokered by Turkey and the United Nations (UN) in July, the report said.

“I managed to speak to the charterer, who also owns the cargo, and I understand that the Lebanese buyer rejected the cargo as it was loaded onboard five months ago, and the latter fears damage to cargo,” a shipping agent in Lebanon was quoted as saying.

“The charterer said that the cargo is already sold to Turkish interests and the vessel would discharge at Mersin,” the source added.

Odessa-based shipping agency Eurogal confirmed that the cargo had been analysed after being in storage for a longer than usual period and had been found to be in sound condition. Repeat fumigation had taken place on 24 May, as a precautionary measure, the report said.

In terms of war risk, the Razoni had ‘self-insured’, Lloyd’s List quoted London market sources as saying.