Shipping in Black Sea is declining: Turkey could lose up to $20 billion
A further decline in shipping traffic in the Black Sea due to the security situation could cost the Turkish economy up to $20 billion over the course of three months.
According to Censor.NET, this is stated in a statement by Mustafa Jan, chairman of the board of directors of the Turkish company Transbosphor Deniz Taşımacılığı.
Due to the war, freight volumes have dropped sharply
According to Jan, Russia's war against Ukraine continues to affect maritime transport between the Black Sea and Egypt.
He noted that the assessment of potential losses was made taking current conditions into account. Further increases in the prices of raw materials, wheat, and oil could increase Turkey's economic losses.
"If the war between Russia and Ukraine continues to disrupt maritime transport on the Black Sea–Egypt route, Turkey's losses over a three-month period could reach $20 billion," Jan said.
A representative of a Turkish shipping company also reported a sharp decline in commercial shipping through the Turkish straits.
According to him, just five months ago, about 200 ships passed through them each day. Now that number has dropped to 25–30 ships.
Turkey Calls for the Creation of a New Grain Corridor
Jan expressed concern over the attacks on ships in the Black Sea. He called on the Turkish government to step up diplomatic contacts with Ukraine and Russia regarding the shipping situation.
The head of a Turkish maritime transport and logistics company also suggested that a new grain corridor might need to be established in the Black Sea.
According to him, problems with maritime transport pose a threat not only to Turkey but also to the global food market.
