LONDON: The cost of shipping commodities through the Black Sea climbed on Monday after Ukrainian naval drones hit two tankers heading to a Russian port, with fears of further attacks driving up war risk insurance costs, industry sources said.
The Black Sea is crucial for the shipment of grain, oil and oil products. Its waters are shared by Bulgaria, Georgia, Romania and Turkiye, as well as Russia and Ukraine.
War risk rates for a typical seven-day voyage period, which are set by individual underwriters and are based on the value of the ship, rose to 0.5 percent for calls to Ukrainian ports from 0.4 percent over a week ago, shipping and insurance sources said.
War risk insurance for Russian Black Sea ports, which is typically higher, was quoted at between 0.65-0.8 percent versus around 0.6 percent last week, the sources added.
TANKERS ATTACKED WHILE SAILING TO NOVOROSSIYSK
