CPC Terminal Tanker Freight Surges 50% in a Week on Drone Attack Fears
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The cost of chartering a tanker to load oil at the Caspian Pipeline Consortium terminal near Novorossiysk jumped 50% in a week to over $300,000 per day, shipbroker data showed, as repeated drone strikes on Black Sea vessels forced owners to tighten safety rules. The International Transport Workers’ Federation denounced attacks on civilian sailors as “immoral,” while broker BRS warned prolonged disruptions could strain regional oil supply.
The Surge in Freight Costs
The cost to charter a tanker for loading at the CPC terminal reached over $300,000 per day by early August, up from just over $200,000 a week earlier, according to market data cited by Reuters. Insurance premiums have also spiked sharply. Even minor increases in voyage costs add hundreds of thousands of dollars to a shipowner’s bill. The spike comes as drone attacks on vessels near Novorossiysk have intensified, prompting shipping firms to reassess Black Sea operations.
Safety Advisories and Shipowner Reaction
British maritime security firm Ambrey recommended that all tankers calling at Black Sea ports undergo comprehensive risk assessments and advised crews to remain in shelters during potential attacks. Stephen Cotton, general secretary of the International Transport Workers’ Federation, called the killing of innocent civilian sailors “immoral” and said it set a dangerous precedent. Shipowners have openly complained that tankers are not military targets and should not be struck.
Ripple Effects on Oil and Sulfur Markets
Broker BRS noted that the CPC terminal is critical for Kazakhstan’s oil exports, and any prolonged disruption would create regional tension. The report suggested the situation could cut global oil supply by around 3%. Beyond oil, the terminal blockade has already driven sulfur prices sharply higher, affecting phosphate fertilizer production. Grain shipments via the Black Sea have also been hurt, with knock-on effects on world food markets.
What's Next
Shipping industry groups are pressing for international guarantees to protect civilian vessels in the Black Sea, but no concrete diplomatic initiative has emerged. It remains unclear whether freight costs will stabilize or climb further if drone attacks persist, raising the risk of a broader energy market shock.
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CPC Terminal Tanker Freight Surges 50% in a Week on Drone Attack Fears
