Russian missile attacks on Ukrainian Black Sea ports have resulted in significant increases in maritime insurance costs, with some shipowners reportedly canceling bookings due to heightened risks. The Ukrainian government claims these attacks, aimed at crippling its export capabilities, have intensified, leading to almost 60 assaults on port infrastructures over the last three months. Insurance premiums tied to the war risk have surged by around 30% within a week, raising costs substantially for vessels operating in the region. While local officials maintain that foreign vessels are still operating amid the ongoing conflict, the increased risk has complicated export logistics and inflated freight costs for agricultural products.
