Black Sea Tanker War-Risk Insurance Reaches $2.5 Million, Simeonov Says

Evgeni Simeonov said war-risk insurance for a tanker crossing the Black Sea had climbed to about $2.5 million from roughly $200,000 in recent months, raising concerns about delivered crude costs and Bulgarian fuel prices. Simeonov, special commercial manager for Lukoil’s Bulgarian operations, said Oct. 12 that the increase added about $2.3 million to the cost associated with insuring one voyage, or 12.5 times the earlier figure. He attributed the higher cost to attacks on commercial vessels and port infrastructure.

Source: TokenPost