The market of grain insurance from deep-water ports of Odesa is recovering

The departure of ships from the ports of Greater Odesa via a temporary corridor has affected world prices. This was stated on television by Mykola Solsky, Minister of Agrarian Policy and Food of Ukraine.

He noted that attacks on Ukrainian ports cause losses due to logistics, as ship owners and insurers charge high prices.

“These security issues are estimated at hundreds of millions or billions of dollars in losses,” he said.

The minister noted that when the small vessel left Odesa, world prices reacted with a decline, expecting grain exports to return from Ukraine’s deepwater ports.

Mr. Solsky clarified that the insurance market for ships leaving the Black Sea ports is already recovering.

“The first ships (insurance – Ed.) were very expensive. The latest ships are no longer very expensive. In a week, freight has fallen by 10-20%, depending on the country. There is even a market for grain insurance from Greater Odesa,” the minister said.

Tags: export, grain, war, Ukraine