Erdogan to Free Tankers With $12 Billion Canal: Freight Markets
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Turkish Prime Minister Recep Tayyip Erdogan’s plan to divert tankers from the Bosporus to a new canal may unclog one of the worst chokepoints for energy carriers such as A.P. Moller-Maersk A/S of Denmark and Greece’s Tsakos Energy Navigation Ltd.
It may also change the shape of oil shipping from Russia, Ukraine, Georgia and Kazakhstan to the Mediterranean, diverting business onto the world’s largest tankers from the smaller ships that now transit the strait.