At least 20 oil tankers queuing off Turkey to cross from Russia's Black Sea ports to the Mediterranean face more delays as operators race to adhere to new Turkish insurance rules added ahead of a G7 price cap on Russian oil, industry sources said.
Turkish maritime authorities issued a notice seen by Reuters last month asking for additional guarantees from insurers that the transit through the Bosphorus would be covered starting from Dec. 2.was imposed on Russian seaborne crude this week, Western insurers are required to retain proof that Russian oil covered is sold at or below that price. The industry has a 90-day grace period to comply with the G7 plan.
"The Turkish Government's requirements go well beyond the general information that is contained in a confirmation of entry letter," Skuld said in a note. The shipping agency GAC said on Tuesday that 13 vessels were waiting to transit the Bosphorus strait southbound, all of them oil tankers and with 10 of them holdingOnly two vessels were scheduled for departure on Tuesday, both coming from Russia's Tuapse.
GAC also said that average waiting times southbound at the Bosphorus on Tuesday was four days for vessels longer than 200 metres, up from one day in mid-November.
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