Uninsurable.

This is coolbert:

"It means that insurance now likely exceeds the cost of hiring the vessel itself. A $50 million, five-year-old tanker hauling a standard 1 million-barrel Russian cargo would need $5 million just in insurance premiums -- about $1.5 million above the cost of hiring the carrier." - Bloomberg.

OH, what did I tell you people? From my previous blog entry:

"Insurance prices even when the preponderance of the mines swept expect a marked increase. Willing commercial vessel crews also I might presume going to be fewer in number."

From Tyler Durden at "Zero Hedge" TUESDAY, APR 12, 2022.

"War-Risk Premiums Make Ships Entering Black Sea Uninsurable"

"The Lloyd's Market Association's Joint War Committee has labeled the Black Sea, a major artery for the movement of commodities from Europe to the rest of the world, one of the riskiest areas for vessels to sail. That means insurers will charge war-risk premiums that will make vessels uninsurable due to high costs." 

Map image courtesy Bloomberg. Oil exported from Black Sea terminals in addition to grain impermissible from this point forward even after a cessation of hostilities? High-risk means lesser profits and higher costs for the consumer.

"Four shipping insiders told Bloomberg that underwriters are charging up to 10% of the vessel's value. Some insurers are quoting premiums so high that companies have second thoughts about retrieving energy, steel, and agricultural products from port cities around the Black Sea."

OH YES I told you so! And we are not even talking about crewing the commercial traffic. 

coolbert.