The Black Sea Is Now the World’s Most Dangerous Shipping Route

The Financial Times (FT) reported that the Black Sea has become the world’s most dangerous maritime transport route due to attacks on vessels. According to shipowners speaking to the newspaper, risks in the Black Sea – a key corridor for grain and oil shipments – have surpassed those in the Persian Gulf. In light of mounting security threats, maritime companies are reassessing their commercial operations.

The heightened risk of attack has also driven up insurance costs for vessels. According to insurance experts, the cost of war risk insurance can reach up to 15% of a vessel’s estimated hull value. This rate corresponds to approximately twice the tariffs applied to vessels in the Persian Gulf.

Seeking to lower costs, shipowners have begun opting for older vessels with lower insured values. Deha Aydın, a maritime law consultant at the Istanbul-based law firm Esenyel Partners, stated that some companies are deploying vessels reaching 50 years of age and that these vessels risk detention in European ports owing to their age and deterioration.

Source 1: Financial Times

Source 2: Patronlar Dünyası