Rising Oil Tanker Insurance Costs Highlight Escalating Turmoil in the Black Sea
The cost of insuring ships sailing through the Black Sea is surging again, as spiraling attacks on vessels underscore the growing risk of hauling commodities through the region.
Underwriters are now charging about 1% of the value of a ship for calls at any port in the region, according to people involved in the market. This marks an increase from approximately 0.7% at the end of last month.
This surge in insurance costs signals the escalating dangers of navigating a waterway that has been classified as risky by insurers for nearly three years, with attacks on vessels steadily increasing.
Read more: Drones Hit Two Tankers in Black Sea, Driving Up War Insurance Costs
Recently, two oil tankers were struck near the Caspian Pipeline Consortium loading terminal, a crucial site for exporting Kazakh oil. Additionally, Ukraine reported that two ships—one scheduled to carry grains and another transporting soybeans—were also targeted by Russian forces.
“We are certainly seeing an increase in the tempo and frequency of attacks,” stated Martin Kelly, head of advisory at EOS Risk Group. “There is no specific profile that is higher risk at present, other than calling at Russian and Ukrainian Black Sea ports and terminals.”
In response to these threats, some ships have begun adopting new strategies to evade attacks, although not all have proven effective. For instance, some vessels are now navigating closer to the Turkish coastline instead of crossing the central Black Sea, hoping to avoid Ukrainian drones. However, reports indicate that an oil tanker was struck approximately 30 miles from Turkish shores last week.
Others have opted to disable their digital tracking systems, but this tactic provided little protection for the vessels that were attacked on Tuesday.
Photograph: A ship navigates the Bosphorus Strait as the sun rises on May 03, 2025 in Istanbul, Turkey. (Photo by Chris McGrath/Getty Images)
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The cost of insuring ships sailing through the Black Sea is surging again, as spiraling attacks on vessels underscore the growing risk of hauling commodities through the region.
Underwriters are now charging about 1% of the value of a ship for calls at any port in the region, according to people involved in the market. This marks an increase from approximately 0.7% at the end of last month.
This surge in insurance costs signals the escalating dangers of navigating a waterway that has been classified as risky by insurers for nearly three years, with attacks on vessels steadily increasing.
Read more: Drones Hit Two Tankers in Black Sea, Driving Up War Insurance Costs
Recently, two oil tankers were struck near the Caspian Pipeline Consortium loading terminal, a crucial site for exporting Kazakh oil. Additionally, Ukraine reported that two ships—one scheduled to carry grains and another transporting soybeans—were also targeted by Russian forces.
“We are certainly seeing an increase in the tempo and frequency of attacks,” stated Martin Kelly, head of advisory at EOS Risk Group. “There is no specific profile that is higher risk at present, other than calling at Russian and Ukrainian Black Sea ports and terminals.”
In response to these threats, some ships have begun adopting new strategies to evade attacks, although not all have proven effective. For instance, some vessels are now navigating closer to the Turkish coastline instead of crossing the central Black Sea, hoping to avoid Ukrainian drones. However, reports indicate that an oil tanker was struck approximately 30 miles from Turkish shores last week.
Others have opted to disable their digital tracking systems, but this tactic provided little protection for the vessels that were attacked on Tuesday.
Photograph: A ship navigates the Bosphorus Strait as the sun rises on May 03, 2025 in Istanbul, Turkey. (Photo by Chris McGrath/Getty Images)
Related:
Copyright 2026 Bloomberg.
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