Danger of Uninsured Ships in the Black Sea
Due to the Russia-Ukraine war, consecutive attacks on ships in the Black Sea, some of which were Turkish-flagged, have raised concerns in the sector. While the question “What is happening in the Black Sea?”
Insurers Are Alarmed
Ufuk Teker, General Manager of Türk P&I Insurance, stated that the current situation in the Black Sea is not sustainable for marine insurance: “Ships are either sinking or suffering major damage continuously. The risk has grown too large and has started to exceed manageable levels for insurers.”
Teker recalled that first a Turkish-flagged LPG carrier was hit in a Russian port, followed by two ships being struck very close to Turkish territorial waters. He emphasized: “If such incidents occur within our territorial waters, it could have very sensitive consequences for the security of our country and our seas.”
Territorial Waters Are Not a War Zone
Highlighting that geopolitical uncertainty is the greatest threat for global marine insurers, Teker noted that in recent times unmanned sea vehicles and drones have begun attacking commercial fleets. He underlined that no ship can leave port without insurance:
“Shipowners take out war risk insurance. The sailing areas of the insurance are determined by the War Committee in London. If a shipowner sends their vessel to a politically risky region, they obtain war coverage. This way, the ship is insured during the voyage against damage caused by stray mines, drones, or missiles. In the Black Sea, which borders Turkey, our territorial waters are not defined as a war risk zone.”
