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Syria Turkey AP Earthquake

Supply Chain Challenges Arise from the Earthquake in Turkey and Syria

Syria Turkey AP Earthquake
(Credit: Ghaith Alsayed AP)

The 7.8-magnitude earthquake that struck Turkey and Syria on Monday has caused businesses and logistics companies to scramble to assess the potential trade fallout.

Maersk, who just recently ordered eight new ocean-going ships that will use only carbon-neutral fuels to hit its net-zero goal by 2050, said on Tuesday that it will have to divert all bookings headed for the port of Iskenderun on the Mediterranean coast, where there has been significant damage to logistics and transport infrastructure.

The port has seen severe structural damage, leading to a complete stop of all operations until further notice, Maersk is saying.

With the earthquake, crude oil futures were up on Tuesday for the second day in a row after the Turkish government ordered a shutdown of the Ceyhan oil export terminal on the Mediterranean coast. The port exported over 1 million barrels a day in January, or 1% of global supplies, according to data compiled by Bloomberg. Most of that oil is from Iraq and Azerbaijan.

In the past, when natural disasters hit, companies like Stericycle Environmental Solutions have deployed emergency response teams when disaster strikes their clients, whether that means a large vehicle fleet owner with a fuel spill, a pharmacy chain with multiple locations flooded by a hurricane, or a retail location that has fireworks going off inside. These companies can help navigate the regulatory environment surrounding those situations, including the cleanup protocol, containment of the material, and disposal of the material.

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