Insurance

After new attacks on ships in the Black Sea, insurance brokers are recording an increase in the number of requests for war risk coverage for calls to Ukrainian ports.

The military insurance market for ships passing through the Black Sea is testing rates at 0.6–1% of the ship’s cost, while last week they were 0.2–0.5%.

Almost the entire Black Sea has been placed within the Joint War Committee’s expanded military risk zone. For shipowners, this means longer periods of additional insurance coverage, and for cargo owners, a potential increase in freight and logistics costs.

USM spoke to market participants about how much the new risks will cost and how they could change Black Sea and Danube logistics.

The Joint War Committee (JWC) has expanded the list of areas of increased military risk to almost the entire Black Sea.

Without certification, vessels cannot obtain insurance and access to ports — the total tonnage of the vessels removed is about 13 million gross tons.

The sanctioned tanker Paz received an insurance certificate from the German company Seaguard P&I, which does not actually exist. This was reported by Bloomberg, citing data from the Foreign Intelligence Service of Ukraine. The Paz vessel, which is under sanctions by the US, UK and EU, used documents from a company allegedly registered in Pinneburg,…

Prague expects that he will be included in the EU sanctions list in the future.

The cost of insurance for ships passing through the Strait of Hormuz has increased 12 times due to military risks in the region.

India has temporarily extended the permits of four Russian companies to insure tankers calling at its ports.

Due to the war, logistical restrictions, and the shutdown of enterprises, exports of goods and services from Ukraine decreased by 3% last year.