Russia’s continued support of the Black Sea grain export deal has been in jeopardy. We first discussed how renewal of the agreement was in question after Russia submitted concerns to the United Nations insisting that demands regarding its own grain fertilizer exports were not being met. New this weekend is Russia has in fact pulled out of the agreement and now will no longer peacefully allow Ukrainian grain to be exported from the Black Sea. Russia has pulled out of the agreement after its fleet near the port of Sevastopol in Crimea came under a large attack by drone. Overall, a suspension of the Black Sea grain export deal was already appearing quite possible, and now this is a very unfortunate reality. The United Nations had been continuing to expect that anywhere from 2 – 5 MMT of Ukrainian grain would be shipped per month from the Black Sea as part of the deal. The world needs these cargoes as food scarcity and inflation remain significant. The dry bulk spot market has also been needing these cargoes as well.
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