Oil tanker freight rates in the Black Sea have reached record levels following a series of drone attacks in the region. The higher costs are affecting shipments of crude oil from Russia’s Black Sea ports to the Mediterranean.

Daily earnings for tankers carrying crude from Novorossiysk to Sicily reached around $440,948, the highest recorded in Baltic Exchange data going back to 2008. The rate has increased by about 140% since attacks began in early July.

The attacks have also disrupted shipments of CPC Blend, a major crude grade from Kazakhstan. Shipments are expected to fall by about one-third this month after repeated disruptions at the export terminal near Novorossiysk. Higher freight and insurance costs have also pushed the price of CPC Blend lower compared with the Brent benchmark.

The situation highlights the growing risks for commercial shipping in the Black Sea. With security concerns affecting vessel operations, freight and insurance costs could remain high while disruptions continue, adding pressure to the regional oil trade.