Insurance premiums for oil tankers operating in the Black Sea have climbed 78% year-on-year, signaling heightened geopolitical and operational risks. The spike reflects growing instability and increased premiums for vessels navigating the region.
- Oil tanker insurance premiums in the Black Sea rose 78% YoY to $328,000 per voyage.
- Incidents in late 2025–early 2026 include drone attacks and sabotage attempts on vessels.
- Major insurers like Allianz and Chubb tightened risk criteria and raised deductibles.
- 12% of global seaborne crude flows originate from the Black Sea region.
- Rerouting via the Mediterranean adds up to 14 days to transit times.
- Urals crude spot prices increased 17% since January 1, 2026.
Insurance costs for crude oil tankers transiting the Black Sea have surged to $328,000 per voyage, up from $184,000 in the same period last year, according to open-market underwriting data. This 78% increase marks one of the steepest year-on-year jumps in maritime risk pricing since 2020, driven by a combination of vessel attacks, delayed port clearances, and heightened naval activity in the region. The escalation follows a series of incidents in late 2025 and early 2026, including an attempted sabotage of a Ukrainian-flagged tanker in December and multiple drone attacks on infrastructure near the Bosphorus. These events have prompted insurers to reassess exposure, leading major underwriters such as Allianz Global Corporate & Specialty and Chubb to impose stricter risk assessments and higher deductibles for Black Sea routes. As a result, shipping companies are rerouting vessels through the Mediterranean, adding up to 14 days to transit times and increasing fuel and crew costs. Some operators have paused Black Sea shipments altogether, affecting deliveries from Russian and Kazakh crude exports, which account for roughly 12% of global seaborne crude flows. The ripple effects extend beyond shipping, with European refineries dependent on Black Sea-origin crude now facing supply uncertainty. Spot prices for Urals crude have risen by 17% since January 1, as traders demand risk premiums. The trend has also prompted discussions among EU policymakers on establishing a maritime security corridor for critical energy shipments.