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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject	12/1/2003 3:56:50 PM
From: russwinter	Read Replies (1) of 110194

Russian Black Sea Ports Closed London (Platts)--1Dec2003 Crude is no longer being pumped to the key Urals crude loading terminal at the Russian Black Sea port Novorossiisk or the nearby CPC terminal as storage tanks at the sites have reached full capacity, shipping sources said Monday. "Due to delays of tankers in the Turkish straits the Transneft pipeline operator was obliged to suspend pumping of crude due to absence of free space in shore tanks," one source said. Separately, sources also said onshore storage tanks at the CPC terminal were full with pumping also halted. Shipping delays have been as high as 30 days in some cases, caused by bad weather, including dense fog at the Bosporus and Dardanelles straits. More than 70 dirty tankers are currently delayed. Novorossiisk has also been closed since late Friday due to high winds. Although visibility in the region has improved, winds are expected to reach 18-23 meters/second with sources at the port indicating it could remain closed for a further 2-3 days.

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