By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
OOLP Maritime World NewsOOLP Maritime World News
  • Home
  • Maritime News
    • Top stories
    • Global Maritime
    • International Shipping
    • Cruise
    • Ports
    • Security & Piracy
  • Live Marine Traffic
  • Events
  • Company
    • About OOLP
    • Contact us
  • Blog
Reading: Ukraine’s dry bulk exports have plunged 77.8% during one year of war
Share
Notification Show More
Latest News
Port of Los Angeles adopts $2 billion fiscal year 2023/24 budget
Port news
Larger vessel gains help Baltic index to post best week in 3 months
Shipping news
Dry Bulk Market: Weak Coal Demand is Hurting the Market
Top stories
Heroic Idun Crew Boards Flights Ending 10-Month Ordeal
Global Maritime News
Oil shipments out of Peru’s Amazon region attacked 
Global Maritime News
Aa
OOLP Maritime World NewsOOLP Maritime World News
Aa
Search
  • Home
  • Maritime News
    • Top stories
    • Global Maritime
    • International Shipping
    • Cruise
    • Ports
    • Security & Piracy
  • Live Marine Traffic
  • Events
  • Company
    • About OOLP
    • Contact us
  • Blog
Follow US
© 2022 - All Rights Reserved. OOLP News.
OOLP Maritime World News > Top stories > Ukraine’s dry bulk exports have plunged 77.8% during one year of war
Top stories

Ukraine’s dry bulk exports have plunged 77.8% during one year of war

Last updated: 2023/02/22 at 7:34 PM
130 Views
Share
3 Min Read
SHARE



“On Friday 24 February, one year has passed since Russia’s invasion of Ukraine. During that year, dry bulk exports from Ukraine have dropped 77.8% compared to the same period a year earlier, causing a decline in global dry bulk volumes. Seaborne exports have been restricted to agricultural goods and even those have been limited,” says Filipe Gouveia, Shipping Analyst at BIMCO.

Ukraine’s sea ports were under a blockade from the start of the war until the end of July 2022 when the Black Sea Grain deal was signed. Since then, agricultural exports were allowed to resume from three ports in the Odesa region which accounted for 72.8% of Ukraine’s bulk exports in 2021. The deal is valid until mid-March 2023 and could soon be renegotiated.

“Almost twenty million tonnes of bulk agricultural goods have so far left Ukraine under the deal which has helped cool cereal prices and improve food security in low-income countries. However, grain shipments were still down 43.3% y/y between August 2022 and February 2023,” says Gouveia.

- Sponsored Ads -

Delays in inspections of ships to and from Ukraine have been a point of contention between Russia and Ukraine. To reduce inspection delays, Ukraine is considering increasing the minimum size for ships carrying grains from 15,000 to 25,000 DWT. Ukraine has also expressed interest in expanding the deal to include the port of Mykolaiv as well as other commodities such as steel. While such a deal would boost bulk shipments, no agreement has yet been made.

Prior to the war, more than one tenth of the world’s wheat and maize shipments came from Ukraine. To compensate, other producers stepped up to fill Ukraine’s gap, often by tapping into their inventories. In the current marketing year, the United States Department of Agriculture (USDA) estimates that global maize exports will fall 9.8%, while wheat exports will rise 2.7%. The limited number of maize exporting countries makes it especially challenging to replace Ukraine’s supplies.

“Ukraine remains key to assuring the global supply of maize and wheat. Without a rebound in Ukraine’s exports, the USDA estimates it could take over four years for global maize exports to return to pre-war levels, while global wheat supplies could grow slower than the historical average,” says Gouveia.
Source: By Filipe Gouveia, BIMCO, Shipping Analyst



You Might Also Like

Dry Bulk Market: Weak Coal Demand is Hurting the Market

Nature’s energy: harnessing the power of wind

Capesize spot rates hesitant despite 5% rise in demand

More Newbuilding Orders and Second Hand Deals This Week

admin February 22, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Copy Link Print
Previous Article Port of Long Beach Launches Online Payment Portal
Next Article Hapag-Lloyd proposes dividend payment of USD 12 MM
- Advertisement -

Latest News

Port of Los Angeles adopts $2 billion fiscal year 2023/24 budget
Port news June 9, 2023
Larger vessel gains help Baltic index to post best week in 3 months
Shipping news June 9, 2023
Dry Bulk Market: Weak Coal Demand is Hurting the Market
Top stories June 9, 2023
Heroic Idun Crew Boards Flights Ending 10-Month Ordeal
Global Maritime News June 9, 2023

OOLP maritime news is a portal that gets latest updates and happenings from the maritime & cruise industry across the globe.

Top maritime stories

Global maritime news

International shipping news

Cruise news

Maritime ports

Security and piracy

About OOLP news

Contact us

Live maritime traffic

Events

Blog

Follow US

© 2023 - All Rights Reserved. OOLP News.

  • Cookie Policy
  • Terms & Conditions
  • Disclaimer
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?