The Black Sea has turned into one of the most dangerous maritime routes for international trade, with escalating attacks linked to the Russian-Ukrainian war and a widening scope of targeting commercial ships, threatening grain and energy flows and raising shipping and insurance costs.
Specialized reports published by the British "Financial Times" on Sunday indicate that hundreds of ships have been attacked since the beginning of the year, amid increased use of drones, missiles, and unmanned boats in naval operations, prompting shipping companies to reassess the risks of operating in the region.
Escalation of Maritime Attacks
The third quarter of this year witnessed a noticeable increase in the number of maritime incidents, amid continued mutual targeting of ships, ports, and vital export routes, which negatively reflected on trade movements in the Black Sea.
The increasing security risks have also led to a significant rise in war risk insurance premiums, as well as increased operational costs and difficulties in securing crews willing to work in high-risk areas.
Pressures on Supplies
These developments have cast a shadow on grain and oil exports from Russia and Ukraine, as ship movements have declined in several major ports, while companies have resorted to more costly alternative routes to ensure the continued flow of goods to global markets.
These conditions are raising growing concerns about their impact on global food security, especially for countries dependent on grain imports from the Black Sea region, amid the possibility of disruptions lasting longer.
The Black Sea represents one of the most important strategic routes for the trade of grains, vegetable oils, and energy, with Russia and Ukraine being among the leading suppliers of wheat, corn, and sunflower oil to global markets.
Since the outbreak of war between the two countries in February 2022, maritime supply chains in the region have faced continuous pressure, leading to higher transportation and insurance costs and fluctuating export flows.
Markets fear that the continuation of tensions could increase pressure on global food prices and complicate efforts to secure supplies for importing countries, particularly in Africa and Asia.
Source: Syrian Arab News Agency (SANA)
Comments (0)