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Russia-Ukraine war to damage growth in all shipping segments
Posted on March 14, 2022 |
- Russia’s and Ukraine’s top export commodities combined hold a global market share of over 10% within coal, wheat, and maize, and the concern to global supply is the export of wheat and maize, which is mainly loaded in the Black Sea.
- The Black Sea exports are at a higher risk of experiencing disturbances due to a lack of shipping companies’ willingness to serve the area and/or increasing shipping costs.
- Russia controls 10% of all seaborne exports of both crude oil and refined products, the majority of which is exported from Black Sea ports.
- The EU is the primary taker of all Russia’s export and has so far taken no steps to sanction it, nor has the White House despite pressure from Congress.
- European buyers are drifting away from Russian crude oil as 70% of crude exports do not have a buyer despite being heavily discounted.
- Many of the biggest container lines suspended bookings to and from both Ukraine and Russia despite no sanctions currently being in place.
- China can be a buyer for Russian crude which could alleviate some of the current global supply concerns as the EU could, in turn, buy more from the Middle East, which can lead to increased tonne miles demand but if the high prices are sustained, overall demand will suffer.