A small country with no navy in the Black Sea just found its Panama flag in the line of fire, twice in a week, and the message for global shipping is that even a flag of convenience is no longer a safe place to hide.

Key Facts

—The attacks. Two Panama-flagged ships were hit in the Black Sea within a week.

—The toll. A crew member died in each strike, with others injured.

—The warning. Panama urged its ships to avoid Ukrainian and Russian waters.