The Black Sea has become more dangerous than the Persian Gulf: shipowners are switching en masse to old ships due to record insurance costs amid increasing air and sea attacks in the Black Sea region, shipping companies have begun to radically change their logistics. To reduce financial losses, operators put older ships on the routes, whose insurance is much cheaper due to the lower cost of their hulls, writes the Financial Times. Highlights from FT material: Prohibitive rates: Due to high risks, the cost of insurance against war risks in the Black Sea has soared to 15% of the estimated value of the ship's hull. This is almost twice as high as similar rates for ships in the Persian Gulf. High-risk area: Shipowners recognize that the Black Sea basin, a major corridor for grain and oil exports, now poses a far greater risk to commercial shipping than the Middle East. Since the beginning of the year, over 570 attacks on ships have been recorded here.
Old fleet: In an effort to save on insurance, companies use bulk carriers and tankers up to 50 years old. Due to their poor technical condition, these ships are almost disabled and cannot enter European ports, but are actively used for voyages in the Black Sea.
Experts point out that the current crisis has already led to a sharp decrease in the volume of marine exports of agricultural products and fuel from the region, forcing global buyers to look for alternative suppliers.