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Global Economy

Three more ships on the way

As announced by Turkey, three agricultural freighters left Ukrainian Black Sea ports in the morning. "The first caravan with Ukrainian grain has left the ports of Greater Odessa," Ukraine's Infrastructure Minister Oleksandr Kubrakov said on his agency's Telegram channel. The three ships loaded a total of 57,000 tons of corn and started from Odessa and nearby Chornomorsk.

Destinations: Turkey, Great Britain, Ireland

The freighters are the Turkish "Polarnet", the "Navi-Star" sailing under the flag of Panama and – under the Maltese flag – the "Rojen". According to Ukrainian sources, the ships are on their way to Turkey, Great Britain and Ireland. According to the Turkish Defense Ministry, they will be inspected in Istanbul.

In addition to the three ships, an unloaded ship is also to be sent to Chornomorsk. The "Fulmar S", flying the Barbadian flag, was checked in Istanbul and left for Ukraine to be loaded, the Turkish Ministry of Defense said.

Kyiv: Three ships are to depart daily

A coordination center for grain exports was recently set up in Istanbul. On the basis of an agreement brokered by Turkey and the United Nations on grain exports by sea, a cargo ship carrying grain – the "Razoni" – left Ukrainian-controlled territory on Monday for the first time since the beginning of the Russian war of aggression.

After a successful journey through the Black Sea corridor agreed between the warring parties and an inspection on the Bosporus, the ship is now on its way to Lebanon.

The resumption of Ukrainian grain exports is considered important for stabilizing food prices on the world market. For the time being, however, Kyiv only wants to send three ships a day for security reasons.

IfW: Transport by road and rail is also necessary

In view of the remaining millions of tons of grain in the Ukraine, the Kiel Institute for the World Economy (IfW) doubts that it will be possible to transport it completely. According to the information, around 570 shiploads would have to be handled for the stored 20 million tons. The head of the IfW's Kiel Trade Indicators, Vincent Stamer, said:

More traffic jams in the ports

According to the IfW, global trade fell by 1.7 percent in July compared to the previous month, adjusted for price and seasonal effects. For Germany, the minus for exports is 3.2 percent and for imports 1.6 percent. The institute also recorded a drop in imports and exports for the EU, the USA, China and Russia. According to Stamer, the values are still within the normal range of fluctuation.

World trade will continue to be affected by the congestion of container ships. According to the IfW, 24 container ships are waiting in the German Bight to be cleared in Hamburg or Bremerhaven. Some ships have been in the roadstead for about three weeks.

In the port of Shanghai in China, however, the consequences of the lockdown seem to have been overcome. Russia seems to be making progress in an effort to replace the lack of trade with the EU in Asia. The number of containers in the ports that are important for Asian trade is increasing significantly.

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