Insurance rates in the Black Sea rise after attacks on Russian tankers

Following a series of attacks on several Russian tankers, insurers in the Black Sea have sharply raised war risk rates for ships operating in the region.

Fears of further incidents have pushed premiums higher, market participants told Reuters.

The cost of insuring ships against war risks in the Black Sea has risen after several Russian tankers were attacked in the Black Sea.

According to brokers, war risk insurance rates for a standard seven-day voyage to Ukrainian ports have risen to 0.5% of the ship’s value, compared to 0.4% a week ago. Premiums for Russian ports are traditionally higher: they are now 0.65-0.8%, compared to around 0.6% previously.

USM previously reported that the Russian ship Midvolga-2, which was heading from Russia to Georgia with a cargo of sunflower oil, was attacked off the coast of Turkey.