As a result of a Russian missile hitting a cargo ship in the port of Pivdennyy, sea freight prices increased by 20 USD/t and the offer of shipowners willing to load in Ukrainian ports decreased. This was noted by Spike Brokers company experts in their Telegram channel on November 14.
“Traders are negotiating with insurance companies that have increased insurance rates for cargo and ships for Ukrainian exports by sea after a Russian missile hit a cargo ship in the port of Pivdennyy,” the report says.
In particular, corn prices experienced a first wave of the decline of 10-15 USD/t to 135-140 USD/t on a DAP basis Odesa/Pivdenny/Chornomorsk.
As a reminder, the incident that led to the increase in sea freight prices took place on November 8. A civilian ship flying the Liberian flag was hit by a Russian missile while entering one of the ports of the Odessa region, injuring crew members.
Source: Apkinform