İMEAK DTO March Assembly Meeting Held

Tamer Kıran’s Address

İMEAK DTO Chairman Tamer Kıran evaluated current developments in his speech.

Attack on Turkish-Owned Tanker

Kıran began his remarks by addressing the recent attack on a Turkish-owned tanker carrying 140,000 tons of crude oil, targeted by an unmanned sea vehicle about 15 miles off the Istanbul Strait. He stated:

He emphasized that the incident, taking place near the strategically important Bosphorus, must be handled with utmost care in terms of maritime trade security, navigational safety, and environmental sensitivity. He expressed full confidence that the relevant state institutions would thoroughly assess the situation and swiftly take necessary measures.

Impact of Middle East Conflict

Referring to the war that began on February 28 with U.S. and Israeli attacks on Iran, Kıran noted its impact on the global economy. He explained that ongoing conflicts and the near closure of the Strait of Hormuz have lowered global growth expectations, raised inflation forecasts, and brought stagflation risk to the forefront of the global agenda.

He added:

•             The Strait of Hormuz handles about 20% of global oil trade, making the effects more severe.

•             Supply disruptions in petrochemicals and derivatives are exerting pressure on production and trade.

•             The uncertainty has also affected the services sector, with declining tourism demand posing an additional risk to growth.

Kıran warned that if the Strait of Hormuz remains largely closed, stagflation risks will inevitably intensify.

Outlook for Turkey

On Turkey’s economy, Kıran highlighted the Central Bank’s continued tight monetary policy stance. He said:

Maritime Market Effects

Kıran reported that the number of ships passing through the Strait of Hormuz has dropped by about 95% compared to pre-conflict levels.

He noted:

• Tanker freight rates remain strong due to energy market developments.

• Container freight rates show limited increases.

• Bulk cargo markets remain relatively stable.

Despite uncertainties, he projected that global seaborne trade will grow by 1.4% in 2026, reaching 13.1 billion tons.

Sectoral Updates

• Ship Agency Training: Following member demand, renewal trainings will resume. Sessions will be held on April 6 in Istanbul and İskenderun, and on April 20 in İzmir and Karadeniz Ereğli.

• Digitalization: The Chamber’s mobile application, titled İMEAK Deniz Ticaret Odası, is now available on Apple and Android stores.

• Maritime Memorial Forest: On April 19, 22,000 saplings will be planted in Çekmeköy (Şile Road area). The event will involve the chairmen of 43 affiliated organizations along with their families.