Black Sea tanker strikes push war-risk premiums higher as underwriters reassess exposure

John Williams ; 2025-12-01 20:48:25

Drone strikes on Russian-bound tankers drive Black Sea war-risk premiums sharply higher

Insurance News

By Chris Davis

Dec 01, 2025Share

War risk premiums for shipping through the Black Sea have ticked higher after Ukrainian naval drones struck two tankers bound for a Russian port, prompting underwriters to reprice the threat environment and charterers to brace for further volatility, market sources say.

War cover repriced after fresh strikes

According to shipping and insurance market participants, additional war risk premiums for a standard seven-day voyage to Ukrainian ports have moved up to about 0.5% of a vessel’s value, from roughly 0.4% a little over a week ago.

Rates for trips into Russian Black Sea ports – traditionally priced higher than those for Ukrainian calls – are now being quoted in a range of around 0.65% to 0.8%, compared with close to 0.6% last week, the same sources said.

The latest repricing reflects growing concern that the weekend’s tanker attacks could signal a more sustained campaign, adding to already elevated risk perceptions around Russian-origin cargoes and Black Sea routes.

Details of the tanker incidents

The two tankers (link ) Two oil tankers ablaze after ‘external impact' | Insurance Business targeted by Ukrainian naval drones were under Western sanctions and were sailing in ballast toward Novorossiysk, a key Russian Black Sea oil export hub, when they were hit, an official from Ukraine’s Security Service (SBU)

One of the vessels, identified as the Mersin tanker, had previously called at a Russian port, according to maritime security sources. Their preliminary assessment is that the ship was struck using limpet-type devices, mirroring tactics seen in earlier attacks this year that have not been formally acknowledged by Ukraine.

Underwriters weigh shifting risk profile

For marine insurers and brokers, the strikes highlights how the Black Sea remains a fluid and politically sensitive risk zone, with pricing moving in step with perceptions of both capability and intent to disrupt trade.

Munro Anderson, head of operations at Vessel Protect – a specialist in marine war risk cover and part of Pen Underwriting told Reuters– " the pattern of incidents suggests a broader strategy by Ukraine to squeeze Moscow’s energy revenues. That approach is now feeding directly into how underwriters are modeling exposures"

He said the recent attacks are shaping the market’s view of Russia-focused traffic, with underwriters reassessing both the likelihood and potential severity of further disruptions to oil flows and related shipping activity.

Implications for brokers, shipowners and cargo interests

For brokers and their shipping and commodity clients, the move in war risk rates tightens already challenging economics on Black Sea routes. Operators must now weigh higher cover costs (link Data-driven seas: Behind the strategic pivot towards data-driven underwriting in marine insurance | Insurance Business_ against alternative options such as rerouting or delaying voyages – with knock-on implications for freight, charterparty negotiations and cargo supply chains.

While capacity remains available for now, market participants will be watching closely to see whether any further escalation triggers more pronounced rate hikes, tighter terms, or a shift in appetite among specialist war risk underwriters.

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