There is currently no serious economic shock for Bulgaria, but the attacks against two ships in the country's exclusive economic zone increase the risks for business and trade through the Black Sea. This was commented on by politician and economist Kuzman Iliev, the executive director of the Union for Business Initiative Mihail Krastev and the chairman of the Bulgarian Shipowners' Association Alexander Kalchev on NOVA NEWS.
Iliev identified Varna and Burgas as key economic arteries, through which about 20 million tons of goods pass annually. According to him, any further disruption to commercial shipping could have serious consequences for the Bulgarian economy.
“The Black Sea has been a military zone for quite some time“, said Kuzman Iliev.One of the first possible effects is related to insurance. If the Black Sea is assessed by insurance companies as a zone with high military risk, costs for carriers and businesses could increase. Iliev said that since August, insurance payments have doubled, which could also affect the prices of goods and services.
Mikhail Krastev pointed out that the Black Sea remains open for trade, but the conditions are significantly riskier. He said that since the beginning of the war in Ukraine, over 200 ships have been hit, with significantly fewer sunk.
Alexander Kalchev pointed to a different time frame and a different number. According to him, the attacks on merchant ships date back to the end of 2024, and during this period about 150 ships were hit. The difference in the data is related to the specified periods and the way the incidents are reported.
Kalchev said that the two cases in the Bulgarian economic zone significantly change the perception of risk. According to him, sailors of merchant ships have been exposed to danger to their lives when sailing in the Black Sea for years.
Kuzman Iliev warned that international companies may start avoiding Bulgarian ports and redirect their routes to other countries. According to him, Bulgaria should develop its railway infrastructure and highways in order to have alternative transport corridors in case of possible restrictions on sea traffic.
Krastev stated that the war is already affecting the European economy, including the industry affected by political decisions and sanctions against Russia.
Alexander Kalchev insisted on more effective international action to end armed conflicts, which, according to him, are a condition for restoring free and safe shipping.
Sources: nova.bg