EMEA News
Istanbul Bunker Market Misses Benefit From Tanker Traffic Jam
Istanbul's bunker market is largely missing the benefit from the queues of tankers waiting to cross Turkish waters during the current insurance dispute.
Stationary tankers started to congregate in the region this week after Turkey introduced new insurance rules asking ships to provide letters of confirmation from a P&I Club stating that cover will remain in place 'under any circumstances'.
But the tankers in question are largely not taking the opportunity to refuel in Turkey, a local market source told Ship & Bunker this week. These tankers are typically bunkering in Novorossiysk, Malta or Gibraltar, all of which offer cheaper VLSFO and HSFO, the source said.
"They have never been big buyers from Istanbul; their delay or absence would not affect our business," the source added.
