Turkey’s transport ministry banned five oil tankers from its waters on Monday. The reason is the lack of insurance. The EU has had an oil price ceiling since December 5, which states that a price ceiling must be observed so that transports with Russian oil can be insured at all.
This price cap is $60 (56.86 euros) per barrel (159 litres). The five tankers, which were taken out of Turkish waters on Monday, were already waiting for their passage before December 5, according to the Transport Ministry. Due to the new fare cap, the trip was delayed even more.
16 tankers are still waiting
The reason given by the Turkish government was the lack of proof of insurance coverage. According to the official statement, the representatives fear that an accident while passing through the Turkish waterways will not be compensated. According to the ministry, 16 oil tankers are currently still waiting for their passage through the Bosphorus, from the Black Sea to the Mediterranean Sea. Four of them are expected to cross the strait on Monday. The other tankers, on the other hand, had not yet submitted any relevant proof of insurance. In total, they have to transport 1.8 million tons of oil.
In a few days shipping traffic should be able to continue without any problems. Insurers would also provide the necessary documents, representatives of the freight forwarding company Tribeca said.
Source: Krone
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