At least 20 tankers face delays off Turkey
At least 20 tankers waiting off Turkey to cross the Mediterranean from Russian Black Sea ports, they face more delays as companies raced against time to implement new Turkish insurance rules added after the G7 imposed a ceiling on the price of Russian oil, industry sources said.
Turkish shipping authorities issued a notice – which was seen by Reuters last month – requesting additional guarantees from the insurance companies to cover the passage through the Bosphorus starting on December 2.
The new regulation was announced before a $60-a-barrel ceiling was imposed this week on the price of Russian seaborne crude, with Western insurers required to keep evidence that the Russian oil they cover is selling at or below that price. price. The industry has a 90-day grace period to comply with the G7 plan.
“Additional cover from the Russian P&I seems to be the way out for the tanker companies,” the shipping source said, referring to the protection and indemnity insurance providers.
“We will see further delays if owners (or) companies are unable to provide the required guarantees.”
Norway’s Skuld, among the leading P&I groups, stressed that such insurers cannot provide the level of detail required.
“The demands of the Turkish government go far beyond general information contained in an entry confirmation letter,” Skuld said.
Millions of barrels of oil daily move south from Russian ports through Turkey’s Bosphorus and Dardanelles Straits to the Mediterranean.
Shipping agency GAC said today that 13 ships were waiting to pass through the Bosphorus Straits heading south, all oil tankers and with 10 of them carrying crude from Kazakhstan after loading at the Russian port of Novorossiysk.
Only two ships were scheduled to depart today, both from Tuapse, Russia.
Shipping agency Tribeca reported that nine oil tankers were waiting to pass through the Dardanelles today in a southerly direction.
GAC also noted that the average southbound waiting time on the Bosphorus today was four days for vessels over 200 meters, compared to one day in mid-November.
For the Dardanelles, the average southbound wait time was also about four days, up from 1-1/2 days in mid-November, Tribeca said.
The only tanker to pass through the Straits after the deadline, the Vladimir Tikhonov, was insured by Russia’s Ingosstrakh, the source added
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