Bulgaria votes in presidential runoff as attacks on merchant ships continue

what happened

Bulgarians went to the polls on Sunday to choose a president, a largely ceremonial post. In the first round, neither of the two leading candidates cleared the 50% threshold among 27 contenders, and turnout was a record low, Reuters reports. Incumbent Iliana Iotova, 61, leads ex-caretaker prime minister Andrey Gyurov, 50. Exit polls come after voting closes at 8 p.m. (1800 GMT), with a final result likely on Monday once the ballots are counted.

The vote takes place against a run of drone attacks on merchant ships off Bulgaria's Black Sea coast over the past month. About two dozen seafarers are feared dead, and a Greek container ship sank on Wednesday after being hit by sea drones. Prime Minister Rumen Radev, who backs Iotova, said the strikes "benefit the Russian Federation."

why it matters

For markets, the main effect is risk to Black Sea shipping, where insurance and freight costs could rise if the attacks continue. The change of president itself matters little economically in a role this ceremonial. According to Reuters, Gyurov backs Ukraine and signed a security cooperation agreement with Kyiv while serving as premier.

market impact

Black Sea shipping: attacks on vessels raise freight and insurance risks

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