Insurance costs for ships sailing in the Black Sea have increased fivefold in the past two weeks - from 0.1 percent to 0.5 percent of the value of the vessel. In the near future, the rate could reach 1 percent, which would increase the cost of transporting Ukrainian grain by about $ 3 per ton.
This was warned by the Ukrainian shipowner and founder of Marelis Navigation S.A. Konstantin Sobol. According to him, the reason is the increased risk after the attacks on ships in the exclusive economic zones of Romania and Bulgaria.
Higher premium makes transportation more expensive
Sobol gave an example of a ship with a carrying capacity of about 5,000 tons and a value of $1.5 million. At an insurance rate of 0.5 percent, the premium amounts to $7,500, or about $1.5 per ton of cargo transported.
If the rate were increased to 1 percent, the cost of insurance for the same ship would reach $15,000. This would add approximately $3 per ton to the cost of transportation.
Ships use a route in territorial waters
The additional premium can be avoided if the ships sail along the coasts of Romania and Bulgaria within the territorial waters of the two countries, which extend up to 12 nautical miles from the coast. Sobol estimates that about 90 percent of ships transiting the region currently use this route.
He warned that if the attacks spread to the territorial waters of Romania and Bulgaria, insurance conditions could change again. According to him, shipowners are already assessing the risk not only when visiting Ukrainian ports, but along the entire route through the Black Sea.
Sobol also pointed to a possible risk for the transport of Ukrainian cargo through the ports of neighboring countries. According to him, an attack on a ship in the Galati region could complicate the operation of one of the alternative routes for Ukrainian grain.
Attacks off Bulgaria
On October 6, two merchant ships were attacked by air and sea drones in Bulgaria's exclusive economic zone, about 70 nautical miles east of Byala. The Togolese-flagged “Alpha Watan“ sank, and its crew was not found.
The second ship – the Palauan-flagged “Able“ – was damaged, and a fire broke out on board. All 18 crew members were rescued, and two injured sailors were taken for treatment in Varna.
Sources: bta.bg, latifundist.com, logos-pres.md