Rising Insurance Costs Amidst Ukrainian Port Attacks

A series of Russian missile attacks on Ukraine's Black Sea port infrastructure has increased insurance premiums and affected ship bookings. Despite heightened risks, foreign vessels continue operations. Ukraine remains a major grain exporter, though recent attacks threaten trade and impact logistics and freight costs.

A surge in missile strikes targeting Ukrainian Black Sea ports by Russian forces has led to an increase in insurance premiums for ships, with some operators opting to cancel their bookings, insurance sources and a broker reported on Thursday.

On Wednesday, Russian ballistic missiles attacked port infrastructure in Ukraine's Odesa region, marking the third such incident in four days. "They have recently intensified their attempts to target the port infrastructure, this is a fact," confirmed Ukrainian Navy spokesman Dmytro Pletenchuk.

The escalating conflict has turned Ukraine into a high-risk zone as deemed by marine insurers, who have significantly increased war-risk premiums. Despite this, Ukraine continues to be a major grain exporter, although recent strikes raise concerns over future trade disruptions.

(With inputs from agencies.)