Black Sea war risk premiums surge

Black Sea war risk premiums surge
Sam Chambers December 4, 2025 https://splash247.com/black-sea-war-risk-premiums-surge/

Insurance rates for ships trading in the Black Sea have jumped sharply following a fresh wave of attacks on vessels linked to Russia.

Citing data from Marsh, the world’s largest insurance broker, Bloomberg reported yesterday the cost of covering port calls in the region has more than tripled in recent days. Prior to the latest incidents, war risk premiums typically stood at between 0.25% and 0.3% of a ship’s value. Underwriters are now charging as much as 1% for some Ukrainian Black Sea ports.

Ukraine has claimed responsibility for attacks on two tankers belonging to Russia’s so-called shadow fleet. Two further incidents involving Moscow-linked ships have also been recorded since the end of last week.

The increase in ship-focused incidents comes amid broader strikes on Russian oil-related infrastructure in recent weeks.

Russian president Vladimir Putin has warned that Moscow could expand its response if such attacks continue, describing them as “piracy.”According to Interfax, Putin said earlier this week that Russia may widen strikes on Ukrainian port infrastructure and vessels calling there. He also warned that retaliatory measures could extend to ships belonging to countries that support Ukraine, adding that Moscow would “consider the possibility” of targeting such vessels if the situation persists.

The Romanian military destroyed a maritime drone yesterday (video below) that it said was endangering navigation some 36 nautical miles east of Constanta. The Romanian defence ministry confirmed the device was a Sea Baby — a type of maritime drone developed by Ukraine — although it declined to specify its origin.

Romania, Bulgaria and Turkey continue to operate a joint task force to clear drifting mines, with around 150 such devices discovered and destroyed since the start of Russia’s invasion of Ukraine in 2022.

Turkish foreign minister Hakan Fidan described the recent attacks on Russia-linked tankers as “very scary”, warning that they threaten the safety of all vessels in the region and demonstrate the expanding reach of the conflict. Fidan has since held talks with NATO secretary general Mark Rutte on Black Sea security.