Turkey welcomed an settlement reached with its counterparts on Tuesday (13 December) that permits the continuation of a brand new regulation requiring crude oil tankers to current an insurance coverage affirmation letter earlier than transiting Turkish straits.
The Turkish measures, which got here into impact on 1 December, requires vessels to offer proof of insurance coverage at some point of transit by the Bosphorus or when calling at Turkish ports.
The regulation has prompted transport delays, with as much as 20 tankers ready on the similar time within the Black Sea final week, as they labored to current the mandatory paperwork.
Turkey’s Maritime Authority mentioned that 22 of the 26 crude oil tankers that arrived on the Bosphorus had introduced the mandatory letter, and 19 of them had already transited the strait.
4 ships are nonetheless ready within the Black Sea and authorities are nonetheless awaiting an insurance coverage affirmation letter earlier than permitting them to move by the Bosphorus, which bisects Istanbul, it added.
“It’s pleasing that the talks we have now been holding with our counterparts have concluded with the acceptance of our new rules that may defend the Turkish straits and that maritime commerce continues as atypical,” the maritime authority mentioned.
Western insurers have mentioned the rules would imply they must present cowl even within the occasion of ship being in breach of sanctions in opposition to Russia, which is one thing they weren’t ready to do.
The revised letter template seen by Reuters confirmed the wording had modified which indicated that insurers wouldn’t bear legal responsibility in all circumstances.
There was no fast remark from Western insurers.
Business sources mentioned the brand new template had already been utilized by a few of the Western insurers to allow a few of the tankers that had been caught to sail.
The typical ready time on the Bosphorus for southbound tankers fell to 2.9 days to three.4 days from 3.8 days to 4.3 days on Monday, the Tribeca transport company mentioned. Common ready time peaked at above 6 days final week.
Tens of millions of barrels of oil per day transfer south from Russian ports by Turkey’s Bosphorus and Dardanelles straits into the Mediterranean.