Russian Attacks Spark Surge in War Insurance for Ukraine Grains
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The cost of insuring vessels that transit Ukraine’s shipping corridor in the Black Sea jumped this week after Russia ramped up attacks on key ports.
Coverage has now surged to above 1% of the value of a ship, according to two people involved in the market, who asked not to be named because the information isn’t public. That’s up from around 0.75% last week. For a $50 million ship, that would be an increase of $125,000 per voyage.