Delays for oil tankers passing through the Turkish Straits have climbed to about 12 days for a round trip to the Black Sea, up from about seven days last week, as winter storms, heightened security risks and shorter daylight hours snarl traffic, traders said and Riverlake data in LSEG showed.
The congestion, which last exceeded 12 days in February, is being compounded by intensified security checks following recent attacks on tankers carrying Russian oil and strikes on port infrastructure in Novorossiysk, traders added.
On Wednesday, Ukrainian naval drones hit and disabled a tanker from Russia’s shadow fleet as it sailed through Ukraine’s exclusive economic zone en route to Novorossiysk, a Ukrainian official said. Earlier this month, several vessels involved in Russian goods transportation were damaged in the Black Sea amid increased military action.
Turkey’s Foreign Minister Hakan Fidan warned that attacks on Russia-linked tankers in recent days threatened the safety of all shipping in the region.
The Bosphorus and Dardanelles straits, connecting the Black Sea and the Mediterranean, are a key export route for crude from Russia, Kazakhstan and Azerbaijan. Dry commodities also transit the narrow waterways.
Mounting delays are adding pressure on CPC Blend suppliers already hit by loading disruptions at the CPC terminal, traders said. Some refiners may turn to alternative supplies from Africa and the Middle East as winter-related disruptions worsen, they added.
Adding to potential congestion, preliminary loading plans for Russian Urals and Siberian Light crude and Kazakh KEBCO from Novorossiysk are set at a multi-month high of 0.9 million barrels per day, according to sources.
War insurance costs for ships sailing to the Black Sea have spiked to 0.6%-1% of a vessel’s value, up from 0.4%-0.6% last week, as insurers review policies daily amid rising risks, underwriters said.
Source: Reuters
