War risk in the Black Sea: pricier insurance, but grain trade keeps moving
After the drone attacks in Bulgaria's economic zone, costs for shipowners are rising. Agriculture minister Abrovski sees no disruption at the ports, and no oil pollution has been found.
Symbolic image · Photo: Photography & Art: Kosi Gramatikoff User:Kosigrim / Wikimedia Commons, Public domain (cropped and resized)
The Black Sea has been classed as a war-risk zone since 16 September, and ship insurance has become considerably more expensive. Captain Aleksandar Kalchev, executive director of the Bulgarian Maritime Fleet shipping company, put the premium at 1 to 2 percent of a ship's value – a substantial sum for a vessel worth 30 to 40 million, ultimately paid by the cargo owner. He said almost 200 ships have already been hit in the Black Sea, making it more dangerous than the Strait of Hormuz.
Agriculture Minister Plamen Abrovski told a forum in Plovdiv there were no reports of grain ships to or from Bulgaria being turned away. The ports of Varna and Burgas were working normally, which the grain producers' association had also confirmed to him. He does not expect wheat or sunflower prices to rise.
No environmental damage from the attacks has been detected so far either. Water samples off Kaliakra, Byala and Sozopol showed no petroleum products; the Black Sea basin directorate attributes elevated nitrogen and phosphorus levels to agriculture. Samples from the sites where the Able and the Alfa Watan were hit are to follow shortly.