Shipping Firms Avoid Black Sea as Drone Risk Outweighs Lower Margins

The Black Sea has become the costliest route for maritime insurance in 2026 due to a surge in drone attacks.

The Financial Times reported that the Black Sea is now the deadliest body of water for seafarers this year. This toll exceeds that of the Gulf, which has received more global attention. Data from Ambrey and the International Maritime Organisation indicates that more than 570 ships have been targeted in the Black Sea so far this year. At least 40 seafarers have died in these incidents. In the Strait of Hormuz, 24 deaths have been confirmed.

Some estimates suggest the frequency of attacks in the Black Sea is more than six times higher than in the Gulf. Ambrey notes that the third quarter of the year saw an average of more than four attacks daily. Some vessels were caught in crossfire during port bombardments, while others were deliberate targets. Crews on oil tankers, cargo ships, and grain carriers face these threats while operating near EU and NATO territory.

Oleh Hryhoriuk, chair of the Marine Transport Workers' Trade Union of Ukraine, described the risk as severe. He stated, "For me, the Black Sea and calling [at] Ukrainian ports is near suicidal." Romanian Foreign Minister Oana Țoiu said Russia is turning the Black Sea into a danger zone for civilian vessels.

Freight rates are influencing operator decisions. Record-high rates have led some firms to accept the danger of carrying oil from the Middle East. In the Black Sea, however, shipping groups say most operators are unwilling to send fleets. Profit margins in that region are lower, and the risks are considerably greater than in other high-threat waters.

The death toll in the Black Sea has now doubled the confirmed losses in the Gulf. The number of targeted vessels continues to rise as the year progresses.