Industry reports say the price to insure ships headed for Ukrainian ports has climbed by about a third in just seven days because hostile actions around Ukraine’s port facilities have escalated. The rise mirrors a sharper risk perception among underwriters, who are recalibrating coverage in response to ongoing incidents at key maritime hubs across the region.
Market data indicate the current insurance premium now exceeds 1% of the ship’s value, marking a steep jump from roughly 0.75% the previous week. Industry analysts note that the higher rate applies to routes deemed riskier due to continued fighting and port closures around the country. For a vessel valued at $50 million, that premium move translates into a substantial cost increase.
For a vessel valued around $50 million, the per voyage increase can run to about $125,000, showing how risk shifts raise costs for operators in shipping.
Industry participants say carriers are purchasing cargo protection more frequently as attacks on Ukrainian ports disrupt trade and contribute to volatility in supply chains.
In July, Ukrainian security forces detained a cargo ship named Usko Mfu, which allegedly visited Sevastopol on two occasions.
Authorities allege that Usko Mfu entered Sevastopol under a Cameroonian flag in November 2023 and loaded about 3,000 tons of grain for a Turkish company there.
Prosecutors say the vessel switched off its automatic identification system when approaching the Crimean port, a move blamed for breaching maritime safety requirements.
Earlier reports described the attack on the port of Odessa, contributing to a broader concern about the security of Black Sea shipping.