MediumI Geo-Economics & Chokepoints9 November 2026, Monday
CMA CGM imposes a war risk surcharge on all Black Sea cargo
From 9 November CMA CGM is charging a war risk surcharge of $35 per TEU on all container cargo to and from Black Sea countries. Constanța, Poti, Varna and Burgas are included, even though all four ports lie in territorial waters outside the listed war zone.
According to the customer notice published by AJOT, the surcharge took effect on 9 November 2026 inclusive and applies to all cargo types. For cargo linked to the US, Australia, New Zealand and Latin America, it starts on 1 December 2026. A TEU is the standard 20-foot container unit; trans.info puts the extra cost for a 40-foot box at $70.
Trans.info reported on 2 November that the notice was issued on 28 October and covers Constanța, Poti, Varna, Burgas and other ports in the region. UkrAgroConsult reported on 3 November that the surcharge also applies to cargo carried by third-party feeder services. None of the three sources says clearly whether Turkish ports are included; this point could not be verified.
The rationale is the Joint War Committee's decision on 16 September to add the Black Sea to its listed war risk areas. According to UkrAgroConsult, the territorial waters of four countries were left off the list: Türkiye, Romania, Bulgaria and Georgia. Applying the $35 surcharge to ports in those waters shows the cost moving beyond hull insurance and onto container cargo across the whole basin.
Constanța is the Black Sea's largest container port and, according to trans.info, also handles cargo for Hungary, Serbia and Moldova. From 9 November the surcharge therefore also feeds into inland shipments that continue by road and rail.
Talay assessment
Bottom line
Thirty-five dollars per TEU is a small number, but the boundary it crosses matters. War costs are no longer confined to ships entering the listed area; they are now being loaded onto ports in territorial waters outside it. Other major carriers are likely to follow. Until the status of Turkish ports is clear, the real cost to Turkish exporters remains uncertain.
Likely effects
- Black Sea freightNegativeWeeks
The surcharge adds $70 to a 40-foot box and also feeds into road and rail costs for cargo moving inland through Constanța.
- Turkish portsUncertain1–6 months
If Turkish ports stay outside the scope, transhipment cargo shifts to the Turkish coast; if they are included, Turkish exporters' Black Sea freight costs rise too.
- Ukrainian exportsNegativeWeeks
The surcharge at Constanța and Poti, where Ukrainian cargo is transhipped, adds a second cost layer to Ukrainian trade that already pays a war premium.
Possibilities, ranked
- 1Other carriers follow55%
At least one other major container line announces a similar war risk surcharge on Black Sea cargo, and the practice becomes the industry norm.
Watch: Black Sea customer notices from MSC, Maersk and Hapag-Lloyd
- 2Surcharge stays with one carrier30%
Rivals avoid a surcharge for competitive reasons; CMA CGM applies the 1 December extension but holds the rate.
Watch: CMA CGM tariff update after 1 December
- 3Surcharge withdrawn15%
A deal halting attacks on merchant ships in the Black Sea narrows the Joint War Committee list and the surcharge is lifted.
Watch: Joint War Committee list update and any maritime ceasefire announcement
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.
Market reaction
Indicators affected
- Surcharge per 40ft box▲ +$70