Turkey’s port fire to bring $679m in trade losses: Russell Group

A large container fire at Turkey’s Iskenderun port caused by the country’s powerful earthquakes will drive trade losses of $679m, according to analyst Russell Group.

The fire broke out on 6 February but Russell Group said disruption is expected to continue for the rest of this month, with many major shipping firms offering free cancellations and changes to destinations.

Modelling reveals that the port’s closure will cause $37m worth of disruption to iron and steel exports and $51m worth of disruption to plastic material imports.

Russell Group said the port has been closed since the earthquakes, and shipping lines have postponed or diverted shipments to Turkey’s Mersin port.

The fire was extinguished yesterday after military planes were deployed to bring the blaze under control. Hundreds of shipping containers are reported to have been damaged.

Suki Basi, Russell Group managing director, said: “The Iskenderun incident highlights a reoccurring issue in global trade, whereby a single point of failure – such as a port closure – can have ripple events across supply chains.”