War risk insurance premiums for ships operating in the Black Sea have increased significantly following drone attacks on two oil tankers.
According to five industry sources, insurance costs for ships calling at Black Sea ports have climbed to around 1% of a vessel’s value, up from 0.6% to 0.8% in late December.
The increase came after two Greek-managed oil tankers were struck by unidentified drones while en route to load crude oil at a terminal on Russia’s coastline.
The Black Sea is a key route for the transportation of grain, crude oil and oil products, and is shared by Bulgaria, Georgia, Romania, Turkey, Russia and Ukraine.
Following the latest incidents, sources said that risk assessments have been raised for vessels calling at both Ukrainian and Russian terminals.
War insurance rates had already risen to their highest levels since 2023 in early December after a series of drone attacks on tankers linked
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