Ukraine. Export will decline in November and December 2022 due to lo-gistical problems

The negotiations on extending the grain export deal have been stopped. Reportedly, russia announced this after the incident in Sevastopol. The reaction of Turkey and the UN to russia’s decision is still unknown, though UN representatives had been optimistic about extending the grain deal beyond November 22 for another year.

The market is waiting for official information and is in no hurry to book new vessels for grain loading.

Many vessels have been waiting for inspection since October 5-6, with the average vessel waiting more than two weeks compared to three days in August. Due to these delays, there are more than 175 vessels in the queue for passage through the Bosphorus. The delay of a large vessel can cost USD 35,000-45,000 per day.