THE DEAREST WATER

War cover for Ukraine calls reached 20 percent of hull value, ten times the convoy rate by one count, while Gulf rates eased as claims climbed. War cover for a ship calling at a Ukrainian port now costs 20 percent of the ship's value, ten times the Second World War convoy rate by one count and far more per day at risk. Half the ships struck off Romania and Bulgaria in October sank. In the Gulf, rates are easing while claims climb. CRUCIBEL shows why the percentages look upside down and the dollars do not. Published in CRUCIBEL Journal, 2026-11-08. Read the paper online: https://crucibeljournal.com/the-dearest-water/