Bosporus Strait Bulker Crash Hits Barley Supply to Top Buyer

A ship that crashed into an historic building at Turkey’s Bosporus Strait this weekend was carrying barley sold to top buyer Saudi Arabia.

Bulk carrier Vitaspirit had the accident on Saturday, temporarily halting traffic at one of the world’s most important maritime choke points. The Panamax vessel had loaded barley in Russia and was en route to Saudi Arabia, according to Vita Management SA, the ship’s operator.

The accident, which may disrupt short-term supply to Saudi Arabia, comes at a time when a tight market has sent global barley prices surging, with the grain hitting the highest since 2014 in Russia. The vessel will remain anchored until further notice, Vita Management said in an emailed response to questions.

“The incident is presently being investigated by Turkish authorities and the vessel must remain there until the investigation is concluded,” Vita Management said Monday. “We are deeply sorry about this. Luckily, there were no casualties or environmental damage.”

by: Bloomberg