The Joint War Committee (JWC) of the London market has recently issued a notice to expand the Black Sea war risk listed waters under the London maritime insurance framework. The vast majority of the Black Sea’s international waters have been brought under the high risk notification regime. This adjustment will affect war risk insurance arrangements for merchant vessels transiting the Black Sea.

Under this revision, the listed scope covers the entire Black Sea, excluding the territorial waters of Turkey, Romania, Bulgaria and Georgia. Market expectations point to potential increases in insurance and logistics costs for grain and energy shipping in the Black Sea.