LONDON, Dec 8 (Reuters) – Turkey’s maritime authority said on Thursday it would continue to block the passage of oil tankers that don’t carry appropriate insurance letters, adding that insurance checks on ships in its waters were a “routine procedure”. Ships typically have protection & indemnity (P&I) insurance, which covers third party liability claims including environmental damage and injury. Separate hull and machinery (H&M) policies cover vessels against physical damage. Turkish authorities introduced new requirements, which came into effect at the beginning of December, in which every ship must have P&I insurance cover in place for all circumstances when sailing through Turkish waters or when calling at ports
NN: Their is about 200 million barrels sitting on ships. I guarantee you the oil will sooner or later make it to market…