The cost of insurance for ships passing through the Ukrainian Black Sea export corridor has increased significantly during the last week due to increased Russian attacks. The insurance price exceeds 1% of the value of the vessel, which is 0.75% more than the previous week. For a ship worth $50M, insurance will cost $125,000 per voyage.
Despite the intensification of Russian attacks on Ukrainian ports, traffic through Ukraine’s maritime export corridor remains stable. However, the continuation of the Russian Federation’s attacks may make ship owners afraid to send ships on this route. Insurance rates vary from one insurer to another; some traders are now primarily interested in insuring their cargo, excluding coverage for the vessel.
Over the past three months, the Russians have carried out almost 60 attacks on ports, civilian ships, and grain warehouses in southern Ukraine – nearly 300 port infrastructure facilities, 177 vehicles, and 22 civilian ships were damaged or destroyed. 79 people were injured, including employees at ports, logistics companies, and ship crews.