Ukrainian Attacks on Ships in the Black Sea Could Cost Turkey $20 Billion

Turkey's losses due to Ukrainian attacks on merchant ships in the Black Sea over the past three months could reach $20 billion, according to an estimate by Mustafa Can, Chairman of the board of directors of the shipping company Transbosphor Deniz Taşımacılığı, TASS reports.

He called the Ukrainian side "very reckless" in its attacks on ships and energy infrastructure. "They attacked Turkish-flagged vessels, which also had the Turkish flag painted on them. That means, they saw this from a drone. They saw that the vessel was unattackable, but they attacked it anyway. And these aren't just one or two incidents; there are many. I believe Turkey's losses over the past three months could reach around $20 billion. This includes lost revenue from vessel passage through the straits, revenue from deliveries, and repair costs. And the damage is growing," Can said.

According to him, the deterioration in navigation security in the Black Sea was provoked and initiated by Ukraine. "Initially, they [the Ukrainian Armed Forces – editor's note] only attacked ships carrying military cargo. Immediately after the NATO summit, they attacked a convoy of 35 ships over the course of three days," Can recalled. He added, "Even if the ships don't sink, they are taken out of service due to damage." "I regard this as a pirate attack. Turkish vessels are being targeted, and Turkey needs to act with stronger rhetoric," Can said.

Furthermore, the industry representative noted that the situation in the Black Sea poses serious risks to global food supplies, and a new grain corridor is needed. "Russia's grain export volume is 26.5 million tons by 2025, while Ukraine's exports are roughly half that amount. This represents approximately 15% of global supplies. This corridor is needed not only by Turkey but by the entire world. The inability to export grain from ports impacts not only the countries of the region but also global food prices," he noted. According to Сan, the futures market has already recorded a 17% increase in wheat prices.