ISTANBUL, August 11. /TASS/. Rising security risks for merchant shipping in the Black Sea are forcing many Turkish shipping companies to reroute their vessels to the Mediterranean, Basaran Bayrak, head of the Istanbul and International Chamber of Shipping, announced.

According to him, this shift creates a tonnage surplus, intensifies competition, and drives down freight rates.

"A buildup of merchant vessels has emerged on the Mediterranean route," the business newspaper Dunya quoted the official as saying.

Meanwhile, Engin Kocak, coordinator at Navis Consulting, noted that insurance costs have skyrocketed due to increasingly frequent attacks on merchant ships in the Black Sea. "For instance, insurance premiums for a 10-year-old, 6,500-tonne dry cargo vessel operating in the region, with a total value of $3.5-4 million, can reach $200,000," he told the publication.

"On certain routes where standard freight rates hover around $250-400, the war risk surcharge exceeds the base charter cost by two to three times," added customs broker Cem Guzel.

Earlier, the Turkish Transport Ministry warned shipping companies about the security situation in the Black Sea following a spike in attacks on Turkish merchant vessels, though no restrictions on navigation, including transit through the straits, were introduced.