Cargo Insurance Costs Soar

A cargo ship is seen near Lisbon, Portugal, on October 12, 2024. Russian missile strikes on Ukrainian ports this week kill at least 10 people and damage three cargo ships, raising fears about the safety of shipping in the Black Sea. Maritime analysts warn that if attacks continue, shipping companies may avoid the area. Insurance premiums for passing through this high-risk region surge by 30%. Russia claims the ships carry military supplies, but Ukraine and one shipper deny this, stating the vessels transport commercial goods. (Photo by Luis Boza/NurPhoto via Getty Images) (Photo by Luis Boza/NurPhoto via Getty Images)