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Insurance rates in the Black Sea rise 25% after drone attacks

Insurers have raised charges for marine insurance cover for vessels calling at Black Sea ports in Ukraine and Russia; war-risk rates for a one-week voyage have risen to 0.5% and 0.65–0.8%.

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The cost of maritime insurance in the Black Sea has risen after strikes by Ukrainian drones on Russian tankers that belong to a fleet circumventing sanctions.

Insurance rate increases

War-risk insurance for a typical seven-day voyage has risen: for sailings to Ukrainian ports — from 0.4% to 0.5% of a vessel's value; for Russian ports — from 0.6% to 0.65–0.8%.

"For Russian ports, insurers are taking into account a broader range of potential targets and a higher likelihood of repeat strikes. As Ukrainian activity increases, the risk of mirror actions by Russia rises, which levels the risks for both directions"

– Munro Anderson, head of operations, Vessel Protect
  • On November 28, Ukrainian drones attacked the tankers Kairos and Virat, which were en route to the port of Novorossiysk; both vessels were under Western sanctions and were sailing empty.
  • On November 17, Russian forces struck a vessel carrying liquefied automotive gas in the port of Izmail with a missile.

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