The pool of insurers still quoting has substantially dried up, meaning those who remain are demanding higher prices
The costs of insuring merchant ships sailing to ports in the Black Sea has spiralled out of control, becoming a huge potential impediment to the movement of Russian cargoes from the region.
The primary concern from insurers is damage to vessels, either through missile attack or possible mines. When war broke out, at least five ships were blown up. A month later, a mine was discovered around Turkey’s Bosphorus strait, a vital maritime corridor for any carrier entering or leaving the Black Sea.
The surge in insurance premiums represents just another expense for any company seeking to ship anything to or from ports in region. The cost of vessel hire is extreme too.
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