War risk insurance rates for vessels calling at Black Sea ports have almost doubled following drone attacks on two tankers operated by Greek companies en route to a russian terminal, ProAgro Group reports.

According to sources in the insurance industry, premiums increased from around 0.6–0.8% of a vessel’s value in late December to approximately 1% in January.

The Black Sea remains a crucial route for transporting grain, crude oil and petroleum products. As a result, any escalation of security risks in the region has a direct impact on agricultural exports, since Ukrainian grain and oilseed shipments to global markets are primarily carried by sea.

Experts note that the recent incidents have forced insurers to reassess risk levels for vessels heading to both Ukrainian and russian ports. This is expected to drive up logistics costs for agribusinesses and intensify competition on international markets due to higher transportation expenses.

Thus, the attacks on tankers have become not only another sign of growing insecurity in the region, but also a factor directly affecting the cost of Ukrainian grain and vegetable oil exports. Higher insurance premiums increase production costs and may reduce profit margins for farmers already operating under wartime conditions.

Earlier reports said that on January 9 russia attacked two civilian bulk carriers in the Black Sea.

Source: Reuters