Black Sea Shipping Faces Insurance Squeeze as Constanta Port Stays Resilient

Shipping through Romania's Black Sea port of Constanta was stable and grain exports had increased by end-September, the port authority said, despite a spike in marine insurance premiums driven by increased attacks on cargo vessels.

In September, London's marine insurance market widened the area in the Black Sea it lists as high risk, as Russia's war in Ukraine escalated, with only the territorial waters of Georgia, Bulgaria, Romania and Turkey exempted.

The Black Sea is a vital route for grain, crude oil and refined products and the four countries share its waters alongside Ukraine and Russia.

However, the past three weeks have seen a sudden surge in deadly attacks on commercial ships off the coasts of NATO members Romania and Bulgaria, with at least eight cargo ships hit and some 34 sailors reported dead or missing.

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