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Another 4 vessels carrying corn, sunflower products leave Ukraine’s deep sea ports

A second convoy of four vessels sailed from Ukraine’s deep sea ports Aug. 7, following the first convoy on Aug. 5, showing the feasibility of the “humanitarian maritime corridor” for food exports and further easing global supply disruptions for corn, wheat and sunflower derivatives.

The United Nations and Turkey brokered a deal in July to resume shipment of grains and oilseeds out of the Black Sea through a “humanitarian maritime corridor”, via shipping lanes which had been halted for more than five months following Russia’s invasion of Ukraine in February. The suspension was the main driver for the surge in global wheat and corn prices.

Platts had assessed Ukrainian 11.5% protein wheat at $347/mt FOB Black Sea Aug. 5, data by S&P Global Commodity Insights showed, while Ukraine corn was assessed at $306/mt FOB Black Sea.

The four bulk vessels, namely the Glory, Riva Wind, Star Helena and Mustafa Necati, that sailed on Aug. 7 were carrying corn, sunflower meal and sunflower oil to be discharged in Turkey, China and Italy, respectively.

This meant that more than 240,000 mt of agricultural commodities had left the Black Sea region, after Razoni, the first vessel that left the Ukrainian port of Odessa for Lebanon on Aug. 1 carrying agricultural products. There were plans to further increase the number of vessels loaded with agricultural products leaving Ukraine.

Global grain traders said the leaving of the second convoy reflects the safety and feasibility of the humanitarian sea route out of Ukrainian ports, bringing some optimism for more stranded vessels to leave. However, they warned of the need to be cautious as they continue to observe the situation especially with regards to the first inbound ship into Ukraine’s deep sea ports to load grains before sailing away. In addition, these traders said higher insurance costs due to the additional war risk premium may deter shipowners from sending their vessels into Ukrainian ports.

Another ship, the Fulmar S, had been authorized to sail into the Ukrainian port of Chornomorsk, S&P Global Commodity Insights earlier reported.
Source: Platts

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