Ship insurance in the Black Sea has tripled in price due to military risks.

The price of insuring commercial vessels in the Black Sea has tripled over the past month and, according to estimates by international brokers, is expected to continue rising, reports "ProAgro Group". If at the beginning of November, war risk insurance rates were around 0.25–0.3% of the vessel's value, this week they have already reached 0.5–0.75%, and for voyages related to Russian ports and vessels, premiums even reach 1%. The most significant increase in prices has been for insurance of oil tankers and bulk carriers, particularly those transporting grain. The reason for this surge is the Ukrainian attacks on ports and vessels of the shadow fleet of the Russian Federation, which have significantly increased the risks for shipping in the region. The rise in insurance costs directly ...