insurers raise war risk premiums for tankers in the Black Sea – Kommersant
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Insurance companies have notified ship charterers of an increase in additional payments for war risk for oil tankers in the Black Sea. Writes about it Reuters with reference to four traders who received the relevant notices.
The war risk premium, which initially stood at 1% of the cost of a ship’s hull, will increase to 1.2-1.25%, the agency writes. Thus, when delivering Russian oil to India, each flight will cost almost $200 thousand more for one Suezmax tanker, which can carry 120-200 thousand tons. The total cost of the awards is estimated by Reuters to be nearly $1 million.
The interlocutors of Reuters noted that the changes mainly affected cargoes transporting Russian oil and oil products. According to them, payments for tankers carrying, for example, raw materials from Kazakhstan remained at the same level of 1%.
Despite a slight increase in the size of the premium, the changes will lead to an increase in Russia’s total costs for oil exports. According to the agency, after the imposition of sanctions, Russian companies paid up to $20 million per tanker on average, which was more than a third of the cost of each cargo.
The total supply of crude oil from the Novorossiysk Seaport (one of the largest ports on the Black Sea) and the terminal of the Caspian Pipeline Consortium is about 2% of the total world supply. According to the agency, the export of oil products from Russian Black Sea ports is about 4 million tons per year.
On July 19, after the suspension of the grain deal, the Russian Defense Ministry announced that from July 20, all ships going through the Black Sea to Ukrainian ports could be recognized as military targets. The Ukrainian side did the same and also decided to create a temporary sea route for transporting grain.
In August, offshore exports of Russian oil fell to a minimum of 2023 and amounted to 2.94 million barrels per day. Russia delivered less by sea only in December last year (2.91 million barrels per day), when the EU and the G7 began to apply the oil price ceiling as sanctions for the outbreak of hostilities in Ukraine.
Read more about the reduction in exports from Russia – in the material “Kommersant” “Oil Swayed”.
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