Marine insurance rates have fallen for Red Sea transits but climbed sharply in the Black Sea as security conditions diverge across the two regions, Hellenic Shipping News reports, citing Platts. Red Sea premiums are at their lowest level since November 2023, at about 0.2% of hull value following the Israel-Hamas ceasefire, while Black Sea rates have surged – rising by 250% for ships calling Russian ports and reaching up to 1% for vessels bound for Ukrainian ports.
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