Black Sea Freight Costs Rise

Shipping companies are increasingly reluctant to route vessels through the Black Sea, a decision driven by thinner profit margins and elevated physical risks. Industry groups indicate that while high freight rates in the Gulf encourage operators to accept danger for Middle East oil, the economics of Black Sea trade do not justify the current threat level.

Data from the International Maritime Organisation and security firm Ambrey shows that more than 570 ships have been targeted in the Black Sea this year. The attacks have resulted in at least 40 seafarer deaths. In contrast, 24 deaths have been confirmed in the Strait of Hormuz. Estimates suggest the attack frequency in the Black Sea is more than six times higher than in the Gulf.

The danger is not limited to deliberate strikes. Ambrey reports that some vessels were caught in crossfire during port bombardments. The third quarter of 2026 saw an average of more than four attacks per day. This sustained pressure has altered how maritime firms calculate their risk exposure.

Oleh Hryhoriuk, chair of the Marine Transport Workers' Trade Union of Ukraine, described the current conditions as harsh. He stated, "For me, the Black Sea and calling [at] Ukrainian ports is near suicidal." The comments reflect a growing sentiment among crew members who work in the region.

Romanian Foreign Minister Oana Țoiu has accused Russia of turning the Black Sea into a danger zone for civilian vessels. The financial stakes remain high for global supply chains, but the data suggests the Gulf remains the preferred route for risk-tolerant operators despite its own confirmed toll.

The shift in maritime traffic patterns is visible in recent booking data. Firms are prioritizing routes with higher freight rates even when those routes face active conflict. The Black Sea, with its lower margins, is being priced out of the preferred shipping list for many major carriers.