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"Military bonuses" were demanded from ships in the Black Sea

26 october

# Market News

Insurance companies that work with ships entering the Black Sea ports of the Russian Federation have notified charterers of an increase in "premiums for military risks".

The premium for military risks was added to the total costs of tanker insurance after the start of its in Ukraine in 2022. After Russia withdrew from the grain deal in July 2023, such risks increased.

According to traders, the premium for military risk jumped from about 1% of the value of the cargo to about 1.20-1.25%. In fact, each flight will cost $200 thousand for one Suezmax class tanker (takes on board 120 000 – 200 000 tons) more, when delivering Russian oil to India. Consequently, the total cost of the award will be almost $1 million.

Although the amount is small, it increases Russia's total oil export costs. At the height of the anti-Russian sanctions, according to the agency, the expenses of Russian companies for insurance and transportation of one tanker amounted to $20 million, i.e. more than a third of the cost of cargo.

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