Ukraine’s Renewed Grain Exports Raise Hopes

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Ukraine’s grain export that restarted last week has continued to gain momentum. According to Turkey’s defense ministry, two more ships ladened with corn and soybeans have now departed the Black Sea ports on Monday. The renewed grain export from Ukraine has seen a total of ten ships leave the Black Sea ports after warring parties struck a deal last week. 

Turkey and the United Nations struck a deal to unblock Ukraine’s grain export last month amid concerns that the continued blockade by Russia will trigger global food shortages and famine in many parts of the world. 

The Sakura left Yuzni on Monday and is on its way to Italy with nearly 11,000 tonnes of soybeans. Similarly, Arizona, which departed Chornomorsk with 48,458 tonnes of corn, is headed for Iskenderun in Southern Turkey. The four ships that departed the Black Sea ports on Sunday are set to arrive near Istanbul on Monday evening, with the expected shipment inspection to be carried out on Tuesday. 

The resumption of exports 

The renewed grain export from Ukraine is being supervised by a coalition of Russian, Ukrainian, and U.N personnel working to ensure everything goes smoothly. While the Razoni, the first ship to leave the Black Sea port, was expected to arrive in Lebanon on Sunday, it is currently located off Turkey’s Southern coast. 

According to Ukraine’s Infrastructure Ministry, the Fulmar S, a foreign manned bulk ship that reached Chotnomorsk at the start of the war, is ready to load. A second ship, the Osprey S traveling to Ukraine, underwent inspection in Istanbul on Sunday and is billed to arrive in Ukraine on Monday morning. 

With grain exports resumed, Ukraine’s infrastructure minister added that the country is set to step up grain exports from its Black Sea port of Pivdennyi. The move will also allow the country to export 3 million tonnes of grains every month. 
Before the war in Ukraine, both countries accounted for nearly a third of the world’s global wheat exports. Moreover, Ukraine was estimated to export nearly 6 million tonnes of grains monthly from the Black Sea and the Sea of Azov coast before the conflict kicked off.

Nitish Vaibhav
Nitish Vaibhavhttp://thetradingbay.com
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

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