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Insurers Raise Premiums For Black Sea Tankers Amid Tensions

OIL

Insurance companies have notified charterers of ships operating in Russia's Black Sea ports of an increase in additional payments amid rising tensions in the region, traders said.

  • A war risk premium was added to the common insurance costs for tankers last year after the start of Russia's military action in Ukraine, but escalating military actions in the Black Sea area has forced insurers to further increase prices.
  • The war risk premium was increased from around 1% of the cargo's cost to some 1.20-1.25%, the traders said.
  • The increase means every voyage will cost $200,000 per one Suezmax tanker – that can carry 120,000-200,000 tonnes - more if Russian oil is delivered to India.
  • The increase in rates was mostly applied to cargoes carrying Russian oil and oil products, while cargoes with Kazakh origin remained stable around 1%, traders added.
  • Crude oil loadings from Black Sea Novorossiisk and CPC terminal account for around 2% of global supply.
Energy BulletsCommodities
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