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Turkish Straits News

28 Feb 2023

Russia’s Inability to Dominate the Sea has Changed the Course of the War in Ukraine

(Image: Ukrposhta)

Since Russia’s invasion of Ukraine a year ago, most of the fighting has been on land. However, there has also been a less visible – but nonetheless crucial – maritime dimension to the war across the full spectrum of tactical, strategic, economic and diplomatic considerations.After land troops crossed the Ukraine border on February 24 2022, the Russian navy quickly secured control of the northwestern Black Sea. This meant it could contribute to the air campaign against Ukraine by launching cruise missiles from the sea.

13 Dec 2022

Turkey Strikes Deal on New Crude Tanker Insurance Regulations

©momentscatcher/AdobeStock

Turkey welcomed an agreement reached with its counterparts on Tuesday that allows the continuation of a new regulation requiring crude oil tankers to present an insurance confirmation letter before transiting Turkish straits.The Turkish measures, which came into effect on Dec. 1, require vessels to provide proof of insurance for the duration of transit through the Bosphorus or when calling at Turkish ports.The regulation has caused shipping delays, with up to 20 tankers waiting at the same time in the Black Sea last week, as they worked to present the necessary documents.

09 Dec 2022

Deepening Turkey Tanker Logjam Snarls Russia Oil Sanctions

Turkey emerged as a critical stumbling block to a complex international plan to deprive Russia of wartime oil revenues as the number of tankers waiting to exit the Black Sea through Turkish straits continued to rise on Friday.Ankara has declined to scrap a new insurance inspection rule it implemented at the beginning of the month despite days of pressure from Western officials frustrated by the policy.A total of 28 oil tankers are in a queue seeking to leave the Bosporus and Dardanelles straits, the Tribeca shipping agency said on Friday.G7 wealthy countries, the European Union and Australia agreed to bar providers of shipping services…

08 Dec 2022

Why Are Oil Tankers Stuck in Turkish Waters?

© momentscatcher / Adobe Stock

Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers that don't carry appropriate insurance letters, adding that insurance checks on ships in its waters were a "routine procedure".The logjam is creating growing unease in oil and tanker markets and comes as the G7 and European Union introduce a price cap on Russian oil.Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean.Here are key facts about the issue.Ships typically have protection & indemnity (P&I) insurance…

03 Mar 2022

Ukraine Invasion: What Can Be Done at Sea?

© muhor / Adobe Stock

The closure of the Turkish straits to all warships has drawn attention to the maritime dimension of Russia’s invasion of Ukraine.From a tactical and operational perspective, Russian naval forces have already contributed, albeit in a limited way, to the current invasion of Ukraine, notably with missile strikes and amphibious assaults. But from a strategic and political perspective, there are other important maritime elements to the conflict, for both Russia and Nato.Russia is not…

01 Mar 2022

Turkey Urges Respect for Black Sea Straits Pact After Closing Access

© arkady_z / Adobe Stock

Turkey is calling on all sides in the Ukraine crisis to respect an international pact on passage through the Turkish straits to the Black Sea, Defense Minister Hulusi Akar was cited as saying on Tuesday after Ankara closed access.NATO ally Turkey borders Ukraine and Russia in the Black Sea and has good ties with both. Under the 1936 Montreux Convention, Ankara has the right to limit transit through its Bosphorus and Dardanelles straits during wartime.This allows it to curb Russian warships going to the Black Sea.

01 Mar 2022

Invoking Montreux Convention, Turkey Closes Access to the Black Sea

Copyright pavalena/AdobeStock

Turkey is calling on all sides in the Ukraine crisis to respect an international pact on passage through the Turkish straits to the Black Sea, Defence Minister Hulusi Akar was cited as saying on Tuesday after Ankara closed access.NATO ally Turkey borders Ukraine and Russia in the Black Sea and has good ties with both. Under the 1936 Montreux Convention, Ankara has the right to limit transit through its straits during wartime.This allows it to curb Russian warships going to the Black Sea.

11 Nov 2016

Aframax Rates in Mediterranean Jump on Shortage of Ships

File photo: Sanoyas Shipbuilding Corporation

Freight rates for Aframax tankers on Black Sea-Mediterranean and cross Mediterranean routes almost doubled on Friday to their highest since July, driven by demand for loadings at the end of November at a time when many Aframaxes are storing oil at sea. Rates for these routes jumped to 120-140 Worldscale points (WS) from WS70-80 on Thursday, shipping reports showed. Rates for northwest European freight also rose to WS100, their highest since September, from WS60-70 on Thursday. "Freight rates have just exploded (and) took us by surprise.

25 Jul 2016

Turkey’s Role for the Tanker Market

Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil production amounts to about 48 thousand barrels per day (Kb/d) of crude oil and almost 400 million m3 of natural gas in 2015. The country’s oil consumption averaged about 927 Kb/d in 2015, about 1% of the global consumption. Neither of these statistics would make the country an important energy market player. However, the importance of Turkey to the energy market is related to its geographical location; the country is a major transfer hub for oil and gas.

19 Jul 2016

Turkey Port Operations, Clearances Update

Inchcape Shipping Services (ISS) is advising that there has been no impact to operations at the Turkish Straits following the attempted coup in Turkey, with all passages taking place as per schedule.    However, vessel clearances can not currently be granted at Karadeniz EreÄźli anchorage, as well as some other anchorage areas including Mersin. There are also some delays to sailing clearances due to extra security by the authorities. At some ports, sailing permission from the Harbour Master is being withheld until vessels’ completion of immigration clearance. ISS Turkey is working with its clients to minimise possible delays and will keep them updated.

17 Jul 2016

Turkey Reopens Key Shipping Route After Coup Attempt

Turkish maritime authorities have reopened Istanbul's Bosphorus Strait to transiting tankers after shutting it earlier on Saturday for several hours following what the government said was an attempted coup by a faction in the military. The Bosphorus is one of world's most important chokepoints for the maritime transit of oil with over three percent of global supply - mainly from Russia and the Caspian Sea - passing through the 17-mile waterway that connects the Black Sea to the Mediterranean. It also ships vast amounts of grains from Russia and Kazakhstan to world markets. On Saturday, forces loyal to the Turkish government fought to crush the remnants of a military coup attempt, following violence and clashes in Ankara and Istanbul.

11 Jan 2016

Tanker Rates to Remain Under Pressure

The reduction in the new 2016 Worldscale flat rates  of Very Large Crude Carriers (VLCC) has led to spot rates increasing as owners look for equivalent 2015 returns, says tanker market assessments from the Baltic Exchange. Thus we are now seeing rates for long east of around WS 107.5/110 on 270,000 tonnes with rates to the US Gulf hovering in the very low WS 60s. Brokers are saying rates remain under pressure here as charterers work quietly and for those who can take either new-buildings, ex-drydock or tonnage over 15 years old a discount is achievable. In West Africa, rates to China eased due to pressure on Middle East Gulf tonnage with WS 100 just concluded, representing a drop of 7.5/10 points from the start of the week.

07 Jan 2016

Slow Start for Tanker Rates in New Year

A super year for the VLCCs behind us which ended at earnings Meg/East close to $100k/day, says Fearnleys Week. The new year has started somewhat slower and rates ex Meg are off the peaks, but earnings remain very healthy. Continued interest for period is keeping the momentum going and rates ex Meg seem to withstand charterers fierce attempts to shave further off the rates. Close to two thirds of the January program covered so far in the Meg and further direction dependent on what is left before the BOT Feb stems are available only in a week or so. Wafr/East continues steady with dates well into Feb being traded and rates stable. Increased activity Caribbean/East with rates firming is absorbing tonnage available in the area.

03 Nov 2015

ISS Opens Office in Ukraine

Inchcape Shipping Services (ISS), the marine, cargo and supply chain solutions provider, said it is continuing its expansion program in the Black Sea region with the opening of a new office in Ukraine. Situated in Odessa, this new base is part of the company’s drive to expand its presence across the Black Sea region alongside its existing Turkish offices in Istanbul, Izmir, Mersin and Izmit, ISS said. With a diversified market for overall shipping calls and strong trade connections between Turkey and Ukraine, the new office location offers numerous strategic benefits. For example, ISS will now be able to provide agency services for the Turkish Straits and Ukrainian ports from one location…

01 Apr 2015

Power Cut in Turkey Disrupts Port Operations

Port operations in Turkey are facing disruption as a result of a massive power cut that has hit dozens of provinces across the country today (Tuesday 31 March). Although the Turkish Straits and ports are not closed, husbandry operations (crew changes, spares, etc.) are being negatively affected. The cuts affected power stations and public transport, including Istanbul's tram and metro systems. A crisis centre has been set up at the energy ministry. By early afternoon the Turkish Electricity Transmission company said only 15% of Istanbul and Ankara had power. For information about operations in Turkey contact GAC Turkey at [email protected]

27 Mar 2015

Turkey Maritime Sector Alive & Kicking

Located on the periphery of two great continents, Turkey has benefitted from being in a favored position right at the center of an assertive and fast growing economic area. This geographical location finds Turkey in a very favorable position. Despite the general economic recession, the country’s shipping ports and shipbuilding sectors have faced challenges resolutely and expanded consistently. With a coastline of approximately 8,483 km, (1,067 km of which are island shores) Turkey is situated to the southeast of Europe, south of the former Soviet Union, northwest of the Middle East and northeast of the Mediterranean Sea where the European and Asian continents meet across the Turkish straits. - Mediterranean 2,025 km (23.9%).

15 Sep 2014

Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Monday reached W37.93 in the worldscale measure of freight rates, or $8,142 a day when translated into average earnings - its lowest since June 23. That compared with W38.25 or $8,827 a day on Friday and W42.68 or $15,142 a day last Monday. "Activity was very low last week leaving freight rates under pressure," Arctic Securities analyst Erik Nikolai Stavseth said on Monday. In January, average earnings reached just over $61,000 a day - their highest since February 2010, before the rally loststeam.

08 Aug 2014

Mideast Crude Tanker Rates Struggle in Ship Glut

Crude oil tanker earnings on the major Middle East route were steady this week, helped by light bookings although rates have yet to rebound after a recent surge late last month. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Thursday reached W42.57 in the worldscale measure of freight rates, or $14,080 a day when translated into average earnings, the latest Baltic Exchange data showed. That compared with W41.21 or $11,142 a day on Wednesday and W46.90 or $20,727 a day last Thursday. "Activity has ... revived but the tempo is firmly in the control of the charterers. Again, firm business is being overwhelmed with offers and the competition among owners remain fierce," broker Fearnleys said.

13 May 2014

Ship Glut Pressures Mideast Crude Tanker Rates

Crude oil tanker earnings on the major Middle East route remained under pressure on Tuesday as the market struggled to absorb a glut of tankers due to slower business. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W36.71 in the Worldscale measure of freight rates, or $5,550 a day when translated into average earnings. That compared with W36.85 or $5,430 a day on Monday and W38.42 or $8,273 a day last Tuesday. "(VLCC) rates remain at a relatively weak level due to high vessel availability," Pareto Securities said. In January, average earnings reached just over $61,000 a day - their highest since February 2010, before the rally lost steam.

12 Apr 2014

McQuilling Services Industry's Spot Market Review for First Quarter

There’s no denying that the wave owners rode into 2014 on was a welcome way to start the new year (at least from their perspective). Earnings in the large crude tanker segment reached levels that hadn’t been obtained in three years and in the smaller dirty segment, in five or more years. But, with all things in life, “what goes up must come down,” a famous quote by physicist and mathematician Sir Isaac Newton, that quickly became the mantra for the first quarter of 2014. The prevailing factor behind the downturn in the crude tanker market was an overall decline in activity. Ultimately, this led to an increased oversupply situation, specifically in the VLCC segment.

04 Mar 2014

Mideast Crude Tanker Earnings Slip, Ukraine Watched

Crude oil tanker earnings on the major Middle East route fell on Tuesday as a build up of vessels available for hire weighed on rate sentiment. Shipping markets continued to monitor developments in Ukraine after Russia sent military forces into the Crimea region of southern Ukraine. Russian President Vladimir Putin said Moscow would only use military force in Ukraine as a last resort. A U.S. official said it was ready to impose economic sanctions on Russia. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W50.73 in the Worldscale measure of freight rates, or $25,765 a day when translated into average earnings. That compared with W51.33 or $27,219 a day on Monday and W55.05 or $32,176 a day last Tuesday.

21 Feb 2014

Fog Suspends Bosphorus Transit

According to a GAC bulletin, transit of the Turkish Straits’ Bosphorus was suspended at approximately 3:30 p.m. today, February 21, due to fog and low visibility. Maritime shutdowns due to poor winter weather are somewhat common in the area, frequently disrupting waterway traffic flow. gac.com

19 Sep 2012

'Accident Zero' VTS Campaign Launched by IMO

IMO Secretary-General launches initiative with International Association of Marine Aids to Navigation & Lighthouse Authorities (IALA). IMO Secretary-General Koji Sekimizu, during his closing address to the IALA VTS (Vessel Traffic Services) Symposium in Istanbul, Turkey, praised the safety record of the Turkish Straits VTS, which came into service in 2003, and encouraged IALA and VTS operators to undertake an initiative in which ports, harbours, straits and sea areas with VTS would count, and publicise, the number of consecutive accident-free days. Mr. Sekimizu said that since the introduction of the advanced VTS in the Strait of Istanbul…