Ukraine has established contact points allowing shipowners to communicate and navigate safely through the Black Sea, according to reports. This commitment comes after high-level discussions between U.S. officials and Ukrainian leadership.
The meeting was prompted by a series of attacks targeting vessels in the vicinity of the Caspian Pipeline Consortium (CPC) terminal near Novorossiysk. Bloomberg notes the terminal plays a vital role in facilitating Kazakhstan’s oil exports, as the country lacks substantial alternative export capacities.
Approximately 2% of global crude oil supplies typically flow through the CPC, making European refineries heavily reliant on shipments from this region.
A U.S. representative informed the publication that Ukraine pledged to refrain from attacks on CPC infrastructure and non-Russian vessels heading to the terminal, provided these vessels do not fall under Ukrainian sanctions and do not carry Russian cargoes.
According to the London Baltic Exchange, on August 7, revenue for vessels transporting oil from the CPC to the Mediterranean exceeded $400,000 per day, marking a record for this route.
Background
- Previously, Bloomberg reported that Kazakhstan had to temporarily halt oil transport to the CPC terminal near Novorossiysk due to a series of tanker attacks in the Black Sea. Shipping companies were reportedly reluctant to send vessels to the area due to the threat of further strikes, and prolonged disruptions could force Kazakhstan to reduce oil production.
- On August 4, Turkey’s foreign ministry urged both Russia and Ukraine to take measures to ensure the safety of navigation in the Black Sea following drone attacks that damaged Turkish civilian vessels near Novorossiysk.
