After grain shipments out of Ukraine’s three export ports on the Black Sea slumped to a four-month low in January, the signs are that volumes are set to bounce back while the United Nations is busy negotiating an extension of the Black Sea Grain Initiative, which is due for renewal in the middle of March.
According to data from the Joint Coordination Centre for the Black Sea Grain Initiative, the cargo volumes of grains departing Ukrainian ports decreased in January compared to the preceding month.
However, data from chartering platform Shipfix suggests February will see a notable uptick in grain exports from Ukraine.
“A robust rebound in ordering activities during January suggests that the cargo inspectors in the Bosporus may be busy in the coming month. The aggregate reading for the past month represents a growth of more than 100 per cent month-on-month and is the highest since September last year,” a report from Shipfix stated yesterday.
Brokered in July between warring parties Russia and Ukraine, the Black Sea Grain Initiative allows exports from three Ukrainian Black Sea ports. The UN pact comes up for renewal every three months with negotiators discussing an extension at the moment.
President of Ukraine Volodymyr Zelensky has proposed that the Black Sea Grain Initiative be expanded to the ports of Mykolaiv region, something the Russian side is unlikely to agree upon.
