The number of tankers carrying Russian oil continues to grow oil which remain motionless at the entrance to the Turkish Strait.

The problem, which threatens to escalate into a disruption to the uninterrupted supply of oil markets, has been caused by new Turkish demands that all ships carrying crude oil passing through the Turkish straits, that is, the Bosporus, the Sea of ​​Marmara and the Dardanelles, they will have to prove that they have there is a valid insurance covering incidents such as oil spills and collisions.

This requirement of Turkey came into force on December 2 and was justified by the competent authorities of the country as a necessary measure after the new EU sanctions. which prohibit ships carrying Russian oil from accessing European marine insurance unless the oil was purchased at $60 a barrel or less. It should be noted that European ships can transport oil under the above conditions, but to third countries, not to Europe.

The relevant insurance associations, the so-called P&I Clubs (Protection & Indemnity Clubs), refuse to provide the relevant certificates, citing their standard practice of providing coverage to their members on a case-by-case basis, only after the vessels have been met with specific requirements and, of course, subject to that the ships and cargoes that gave rise to the obligation comply with all necessary rules and laws.

Turkish authorities appear to be concerned that Russian oil will begin to pass through ships with dubious condition and insurance, often owned by “shady” companies and lower-class registries.

The position of both sides, the insurance associations and the Turkish authorities, led to a dead end in which dozens of tankers got stuck, and the increase in the number of ships at the entrance to the straits creates additional problems for ships of other categories. The delay of ships, in turn, causes an increase in ship tariffs throughout the world, which, along with an increase in energy prices, is largely passed on to the end consumer.

In addition, the issue of sanctions against Russia has raised the prices of old used tankers to very high levels, as shipping companies from countries such as Turkey, India and China are buying tankers to take advantage of high oil prices caused by the war in Ukraine. . It is characteristic that, according to estimates, if the current situation continues, these ships can recoup the purchase costs within a few months.

However, this fleet, which has recently been also called the shadow or dark fleet, will remain on the market after the crisis, diluting the shares of serious European shipowners and at the same time increasing the risk of accidents, since they are opportunistic investments. , shipping market sources comment . After all, this is one of the reasons Turkey has cited – increased risk – for obtaining insurance certificates.

The issue of restoring traffic in the Turkish Strait has been taken up by both Western governments and the P&I Clubs, the International Group (IG), but not by the European Union, however, still not seeing when this issue can be resolved. solve the problem and normalize the intersections.