Turkey, insurers reach deal to end oil tanker logjam
Ankara’s standoff with international insurers, which has created a line of crude oil tankers near the Turkish straits, ends with agreed wording on an insurance letter demanded by Turkey.
The Turkish maritime authority and Western insurers announced a deal Tuesday to end the logjam that left millions of barrels of oil waiting to enter one of the world's most important and narrowest transit routes.
Turkey’s maritime authority said Ankara’s new regulation requiring crude oil tankers to present an insurance confirmation letter before transiting Turkish straits has been accepted by Western insurers.
Norwegian ship insurer Gard announced on its website that ships carrying crude oil cargoes could continue their voyages through Turkish-controlled waters after "significant engagement" between Turkey and the International Group, which provides prevention and indemnity insurance to 90% of the shipping industry.
The US, EU, and UK diplomats were also involved in finalizing the deal. Last week, US deputy Treasury secretary Wally Adeyemo took up the issue with Sedat Onal, Turkey’s deputy foreign minister.
