Turkey could lose up to $20 billion due to reduced shipping in the Black Sea

The Turkish maritime business has seen a sharp decline in the number of ships passing through the country’s straits.

The Turkish economy could lose up to $20 billion over three months if the security situation in the Black Sea continues to restrict maritime transport, Mustafa Can, chairman of the board of directors of the shipping and shipping agency Transbosphor Deniz Taşımacılığı, told Bloomberg HT.

“If the war between Russia and Ukraine continues to disrupt maritime transport on the Black Sea-Egypt route, Turkey’s three-month losses could reach $20 billion,” Can said.

According to him, the assessment is based on the current situation. Further increases in the cost of raw materials, in particular wheat and oil, could increase Turkey’s economic losses.

Can also reported a sharp decline in commercial shipping through the Turkish straits. According to him, five months ago, about 200 ships passed through them per day, while now this figure is only 25-30 ships.

“Five months ago, about 200 ships passed through the Turkish Straits per day, today this number has decreased to 25-30,” he said.

The Turkish representative expressed concern about attacks on ships in the Black Sea and called on Ankara to intensify diplomatic contacts with Kyiv and Moscow to reduce risks for civilian shipping.

He also suggested that there may be a need to create a new grain corridor in the Black Sea. According to him, problems with maritime logistics create risks not only for Turkey, but also for the global food market.

The situation is affected, in particular, by attacks on ships and port infrastructure in the Black Sea. According to the Unmanned Systems Forces, as of August 22, the Ukrainian military had hit 36 ​​ships of the Russian shadow fleet in the Black and Azov Seas.

At the same time, Ukraine proposed, through intermediaries, to agree with Russia on a mutual cessation of strikes on civilian objects and ships in the Black Sea. Separately, Kyiv has repeatedly advocated the cessation of attacks on energy and agricultural infrastructure. Moscow has not yet agreed to such agreements.

Recall that earlier in Turkey it was proposed to create two safe corridors for ships in the Black Sea.