Norwegian ship insurer Gard said on Tuesday that an agreement had been reached between Turkey and insurers to enable vessels carrying oil to sail through Turkish waters unhindered.
“Following significant engagement between the International Group of P&I Clubs (association of ship insurers) and the government of Turkey, an agreement has been reached,” Gard said in a statement on its website.
A Gard spokesperson added that it was happy to see that an agreement had finally been reached.
Tankers carrying oil cargoes had been stuck for days following a new Turkish measure which required ships to have insurance cover at all times.
Western insurers have said the regulations would mean they would have to provide cover even in the event of a ship being in breach of sanctions, which is something they were not prepared to do.
(Reporting by Jonathan Saul; editing by Jason Neely)
Photograph: Ikaria Angel bulk cargo ship, which departed from Ukrainian port of Chornomorsk, sails under 15th July Martyrs bridge over the Bosphorus as runners take part in a Marathon in Istanbul, Turkey, on Sunday, Nov. 6, 2022. (AP Photo/Emrah Gurel)
Was this article valuable?
Here are more articles you may enjoy.
Progressive Now 4th Largest Global Insurer; RenRe Fastest Growing in ’24 
‘Catastrophic’ Hack Underscores Public Defender Security Gaps 
Florida Appeals Court Reverses $200M Jury Verdict in Maya Kowalski Case 
Brown & Brown Reports Strong Q3 Revenue Growth of 35.4% 
