Queue of tankers in the Turkish Strait is increasing
2022.12.06 11:07
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Queue of tankers in the Turkish Strait is increasing
Budrigannews.com – No less than 20 oil big haulers lining off Turkey to cross from Russia’s Dark Ocean ports to the Mediterranean face more deferrals as administrators competition with comply to new Turkish protection rules added in front of a G7 cost cap on Russian oil, industry sources said.
Last month, Turkish maritime authorities issued a notice that was seen by Reuters and asked insurers for additional guarantees that the Bosphorus transit would be covered starting at the beginning of this month.
Before a price cap of $60 per barrel was imposed on Russian seaborne crude this week, the new rule was announced. Western insurance companies are obligated to keep documentation demonstrating that Russian oil covered is sold at or below that price. There is a 90-day grace period for the industry to comply with the G7 plan.
The shipping source said, referring to protection and indemnity insurance providers, “Extra coverage from Russian P&I seems to be the way out for tanker operators.”
“If owners or operators are unable to provide the necessary guarantees, we’ll see further delays.”
Skuld, one of the top P&I clubs in Norway, stated that such insurers cannot provide the required level of detail.
In a note, Skuld stated, “The Turkish government’s requirements go well beyond the general information contained in a confirmation of entry letter.”
Daily, the Bosphorus and Dardanelles straits in Turkey transport millions of barrels of oil from Russian ports to the Mediterranean.
Tuesday, the shipping agency GAC reported that 13 vessels, all of which were oil tankers and 10 of which were carrying Kazakh crude after loading at the Russian port of Novorossiisk, were waiting to cross the Bosphorus strait in the direction of the south.
A letter seen by Reuters says that one oil-loaded tanker cleared the straits over the weekend after providing proof of insurance. Russian insurance company Ingosstrakh provided the Vladimir Tikhonov tanker, which was operating under the flag of Liberia.
On Tuesday, only two vessels were scheduled to depart—one from Tuapse, Russia.
According to the Tribeca shipping agency, nine oil tankers awaited Tuesday’s southbound Dardanelles transit.
Additionally, according to GAC, the average waiting time for vessels over 200 meters in length traveling southbound at the Bosphorus on Tuesday was four days, up from one day in the middle of November.
For the Dardanelles waterway, normal holding up times southward were likewise close to four days, up from 1-1/2 days in mid-November, Tribeca said.
