Black Sea tanker premiums surge amid escalating tensions - exclusive report
Originally Published 2 years ago — by Reuters
Insurance companies have informed charterers of ships operating in Russia's Black Sea ports about an increase in "war risk premiums" following escalating tensions in the region. The premiums, which were introduced last year after Russia's military action in Ukraine, have now been raised from around 1% to approximately 1.20-1.25% of the cargo's cost. This increase adds an additional $200,000 per voyage for a Suezmax tanker delivering Russian oil to India, resulting in an overall cost of nearly $1 million. The rise in premiums reflects the higher risks associated with cargoes carrying Russian oil, as recent attacks at Black Sea ports have raised concerns about the security of shipments.