Ukraine's ship attacks are frequent, causing Black Sea war insurance rates to skyrocket by 250%.

After a series of attacks on ships associated with Russia in Ukraine, insurance rates for vessels in Black Sea ports are sharply rising. The world's largest insurance broker, Daxin, stated that insurance rates for ships heading to Russian Black Sea ports have more than doubled. Prior to the recent events, the rates were only 0.25% to 0.3% of the ship's value. Market sources revealed that insurance companies are now charging up to 1% of the ship's value for some Ukrainian Black Sea ports. Earlier, Ukraine claimed to have attacked two oil tankers from the Russian "shadow fleet." Additionally, two more incidents involving ships associated with Moscow have occurred since last weekend. "For ships docking at Russian ports, insurers are pricing for a wider range of potential target locations and higher likelihood of repeated attacks," said Maro Andersen, Chief Operating Officer of Vessel Protect, one of the world's largest maritime warfare risk insurance specialists under Pen Underwriting. "As the attacks escalate, the possibility of Russian retaliation against ships associated with Ukraine also increases."