Overview

• A Russian missile strike on a Liberian-flagged vessel in a Ukrainian port has resulted in one death and has further destabilized shipping in the region, leading to raised insurance premiums.
• The attack is the 21st targeted assault on Ukrainian port infrastructure since Russia withdrew from a Black Sea grain export deal in July.
• As a result of the attack, freight costs for ships using Ukraine's alternative export corridor have increased, reducing the number of shipowners willing to load in Ukrainian ports.
• War risk insurance premiums have significantly risen, adding potential costs of tens of thousands of dollars to shipping companies.
• Despite the threats and attacks, Ukraine's 'humanitarian corridor' for cargo vessels is still operational, enabling the export of agricultural and metal products.