Insurance for a voyage to Black Sea ports has risen in price to $2.5 million

The cost of insuring ships for voyages to the Black Sea ports of Ukraine and Russia in October 2026 increased to about $2.5 million per voyage.

This is 10-16 times higher than the level before the actual blockade, reports the Electronic Grain Exchange of Ukraine.

According to its data, before the blockade in 2024, the base rate of insuring a ship for a voyage to the Black Sea ports of Ukraine or the Russian Federation was about $150-250 thousand.

In October 2026, insurance coverage for war risks reached about $2.5 million per voyage. In terms of cargo, this adds about $35.7 to the freight rate for each ton of grain only due to war risk insurance.

The increase in the cost of maritime logistics is putting pressure on the export prices of Ukrainian grain. In the Danube ports, the purchase prices for food wheat are currently around $170-177 per ton, for feed wheat – $150-155.

The demand prices for Ukrainian food wheat with delivery to Constanta, Romania remain at $250-260 per ton.

At the same time, wheat exports from Ukraine continue to lag behind last year’s pace. In the first 16 days of October, Ukraine exported 558 thousand tons of wheat compared to 877 thousand tons for the same period last year.

Since the beginning of the 2026/27 marketing year, exports amounted to 3.34 million tons compared to 5.61 million tons last year.

Despite the restrictions on Black Sea exports, Ukraine continues to export grain through Danube ports, as well as in transit through Romania and Poland. However, delays at western crossings also increase logistical costs: some wagons are waiting for reloading or border crossing for 20-40 days.

Additional pressure on Ukrainian prices is also created by the fall in wheat quotations in the USA. Over the month, American futures have lost about 10-13%, which increases competition on the world market. Earlier, USM reported that vessels cannot reach Ukrainian ports on the Danube due to the queue at Sulina.