The collapse of the bridge near the Port of Baltimore has hampered shipping demand as it has disrupted the cargo movement to and from the port. It has forced importers of US cargo to scout for other destinations and exporters to wait until the situation normalises.
Over the past few months, Ukraine has witnessed a remarkable surge in grain exports, signalling a robust agricultural industry. Despite the expiration of the Black Sea Grain Initiative, which once governed the region’s trade dynamics, Ukraine’s grain shipments have surged, contributing approximately 25 billion tonne miles monthly.
A significantly low utilisation of the fleet in 2023, aided by reduced waiting time, led to an increased supply stretch available for employment. As a result, freight rates have been substantially down this year despite a surge in demand.
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