Türkiye sees growth in profits from passage of ships in Bosphorus to $185M
24.11.2023 13:00
Türkiye’s profit from the passage of ships through the Bosphorus Strait has increased over two years from $35 million to $185 million, Minister of Transport and Infrastructure Abdulkadir Uraloglu said, reported from Turkish media.
"Thanks to the updates made to the Montreux Convention’s ‘gold franc’ block, the $35 million in channel revenue has increased to $185 million over two years,” he noted.
Since July, Türkiye has increased the cost of passage of ships through its straits by more than 8% (to $4.42). The tariff has been calculated on the basis of the gold franc since the signing of the Montreux Convention in 1936, which regulates shipping in the straits area. When the document was signed, the gold franc was equal to $0.8.
This convention was adopted in 1936. It preserves freedom of movement for merchant ships through the straits in times of peace and war, but establishes different navigation regimes. At the same time, the document limits the stay of warships of non-Black Sea states in the Black Sea to three weeks.
In emergency situations, Türkiye may prohibit or restrict military passage through the Bosporus and Dardanelles. According to the agreement, Ankara has the right to charge fees for lighthouses, evacuation and medical care from ships passing through the straits.
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"Thanks to the updates made to the Montreux Convention’s ‘gold franc’ block, the $35 million in channel revenue has increased to $185 million over two years,” he noted.
Since July, Türkiye has increased the cost of passage of ships through its straits by more than 8% (to $4.42). The tariff has been calculated on the basis of the gold franc since the signing of the Montreux Convention in 1936, which regulates shipping in the straits area. When the document was signed, the gold franc was equal to $0.8.
This convention was adopted in 1936. It preserves freedom of movement for merchant ships through the straits in times of peace and war, but establishes different navigation regimes. At the same time, the document limits the stay of warships of non-Black Sea states in the Black Sea to three weeks.
In emergency situations, Türkiye may prohibit or restrict military passage through the Bosporus and Dardanelles. According to the agreement, Ankara has the right to charge fees for lighthouses, evacuation and medical care from ships passing through the straits.
www.anews.az
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