Tanker Costs Dramatically Increase

By tightening transit rules and environmental regulations, Turkey has caused a sharp growth in the cost of an oil tanker's freight passing through the Black Sea straits. Turkey, however, is not an exceptional case.

At present, freight of a super tanker costs $140,000 per day, or more than ever in the last 30 years. Experts say that prices will keep growing, and growth in transportation costs will lead to growth in oil prices.

Turkey's move, however, has been controversial. Back in December 2003, Turkish authorities prohibited the passage of large tankers through the straits at night. They explained that this was done to prevent ecological catastrophes that might happen should a super tanker crash in this densely populated area. However, some European diplomats and oil traders presume that the real goal is different, that is acceleration of construction of the trans-Caucasian oil pipeline from Baku to the Turkish port of Ceyhan.