In Port News 18/02/2015
Source: Platts
The Bosporus Strait and the key Black Sea port of Novorossiisk have both been closed due to bad weather, shipping sources told Platts Tuesday.
“The Bosporus closed at 12.30 hrs [local time] due to snow and low visibility,” said a local port agent. Shipping sources say there are currently nine tankers over 200 m in length overall waiting to pass through the Bosporus in a northbound direction, and none waiting to go south.
The bad weather has also extended into the Black Sea leading to a suspension of loadings at Novorossiisk.
“Berthing is to commence right after the weather conditions improve but a gale warning is still in place with snowing, icing of vessels and wind speed up to 27 mph in gusts,” said a local port agent.
DELAYS COULD MOUNT
The additional spate of poor weather conditions this week could see delays at the terminal mount again, after weeks of gradually easing conditions, which saw loadings nearly normalize after a prolonged closure of the terminal earlier this year.
The delays around Novorossiisk, which had built up since October due to near-consistent stormy weather this winter, had largely cleared by early February, Russian traders said last week.
The loading concerns saw cargoes deferred and canceled in the February loading programs for both CPC Blend and Urals, creating a temporary tightness in both spot markets that has seen differentials in the Mediterranean market push sharply higher.
“There were significant issues around Novorossiisk,” said one trader, adding that the situation had changed.
The easing delays saw the excess supply of Russian fuel oil getting slowly placed, and in turn boosted domestic fuel oil prices.
“There were problems around Novorossiisk, but they are now solved,” said another trader.
But with the renewed advent of inclement weather, delays may start increasing again.
“Delays had been easing at Novo but now the snow and bad weather is back again so it will build up a touch,” said a shipbroker.
This could provide some welcome relief for shipowners, as delays reduce the position list in the affected region and normally result in higher freight rates.
“We just heard about the fact Novorossiisk is closed. It might put some upward pressure on the Aframax rates in the Black Sea and Med at least,” said a shipbroker.
