Insurance costs for ships calling at Russian and Ukrainian ports in the Black Sea have risen sharply. According to Marsh, the world’s largest insurance broker, war risk coverage has increased threefold following recent Ukrainian strikes.
Before the attacks, premiums ranged from 0.25% to 0.3% of a vessel’s value. Now, coverage for certain Ukrainian ports has reached 1%, confirmed by two market participants who requested anonymity.
Ukraine claims to have targeted two tankers from Russia’s shadow fleet, which operates secretly to evade sanctions. Additionally, two other incidents involving Moscow-linked vessels occurred since last week.
Munro Anderson stated, “Rates reflect potential strike locations and the likelihood of repetition. As attacks escalate, the probability of Russian retaliation rises.”
Romania’s defence ministry reported a mission neutralising a Sea Baby drone 36 miles east of Constanta. Dylan Mortimer of Marsh added, “Rate increases are directly linked to attacks, which increasingly target vessels, ports, and terminal infrastructure.”
AJ