Russia Seizes 500 Planes
Russia has seized 543 Boeing and Airbus aircraft valued at US$13 billion, according to Mumbai’s Stat Trade Times.
“The move – justified by the Russian Government as securing collateral for a depleted Russian aviation sector that has been crippled by global sanctions – is unprecedented, and will deepen the conflict between Russia, Ukraine and the West,” said Russell Group, a leading British risk management company.
According to Russell Group managing director Suki Basi: “The nightmare scenario that has kept many of our clients awake at night has now finally happened and it will leave a significant mark on the aviation war market on a par with 9/11”.
“We are stepping up our efforts here at Russell to help our clients through this difficult moment, as it is absolutely crucial for good accurate data that can help an aviation underwriter understand and know their exposures better.”
Air freight rates continue to rally due to tight capacity and rising fuel costs resulting in a large part from the Russian-Ukraine conflict.
According to Freightos: “Rates from Europe to Asia are also rising with prices from Frankfurt, for example, increasing 17 per cent to Shanghai and 110 per cent to Hong Kong as it struggles with its own surge. The removal of Shanghai’s passenger capacity will only put more pressure on rates,”
