Ukraine’s commodities are again heading directly to traditional buyers across Europe and Asia via its new shipping corridor in the Black Sea.
(Bloomberg) — Ukraine’s commodities are again heading directly to traditional buyers across Europe and Asia via its new shipping corridor in the Black Sea.
Three vessels are en route to Spain and one each to the Netherlands, Egypt and Singapore, ship-tracking data compiled by Bloomberg show.
Ships that left Ukraine’s Black Sea ports have already arrived in Romania, Israel, Italy and Bulgaria with cargoes such as grain and metals.
The trips show how Ukraine’s risky bet to go it alone in the Black Sea appears to be paying off.
It may allow shipments to ramp up, securing much-needed revenue since grain exports are running 28% below last year so far this season. Kyiv set up its own temporary route from ports in Greater Odesa after Russia exited a safe-corridor deal backed by the United Nations and Turkey.
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Still, volumes so far are much smaller than under the grain export agreement, when China was the top destination for Kyiv’s exports, followed by Spain, Turkey and Italy.
Ukraine’s Infrastructure Ministry declined to comment on the developments.
Mainstream shipowners remain wary. Risks — and insurance premiums — are very high. Russia previously threatened to treat any ships sailing to Ukraine as potentially carrying weapons and, in August, opened fire on one to force it to stop for checks.
At least eight more vessels are in or near ports in Greater Odesa and may depart with cargoes during the next few days, data show.
–With assistance from Olesia Safronova.
(Updates with Ukraine grain export statistic in third paragraph.)
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