The impact of the failed coup by a Turkish army group has been minimal to petrochemical trade through the Turkish Straits, reports state.
Bosporus
S&P Global Platts reported that an industry source, a shipbroker, said no ports have been closed and there has been no disruption to the movement of container ships moving through the Straits and that only tanker traffic through the Bosporus Strait has been affected, albeit briefly on Friday July 15th.
Much of Turkey's trade depends on maritime transportation and in petrochemicals and plastics, a disruption to trade flow would disrupt the current increase in productivity the country is enjoying. The news source reports that Turkey has experienced a surge in polyethylene and polypropylene imports in 2016 already, with imports coming in at 790,016 million tonnes in Q1, which is a 14.8 per cent year-on-year rise.
Another source was quoted as saying: "The Bosphorus is still open for business. Had the coup been successful, the impact would have been significant. But right now shipping companies are working as usual and there is no impact on freight."