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Losses incurred by Ukrainian producers on vessel demurrages total over USD 1 bln — UGA President Gorbachov
25 May 2023, 10:02
Ukrainian agricultural producers suffered USD 1 bln in losses due to russia's stalling of vessel inspections in the grain corridor, estimated the President of the Ukrainian Grain Association, Mykola Gorbachov.
"By our conservative estimates, which definitely include not all the figures, the losses from the ships' demurrage exceeded USD 1 bln. This is the money Ukrainian producers were not paid. This is the money the traders paid to the owners of the ships for being stuck in a queue for a very long time," Mykola Gorbachov explained.
Ukraine is only exporting 50% of its grains and oilseeds via the grain corridor, he added, while the rest of the commodities are shipped through alternative routes.
As of March 2023, losses from blocked Ukrainian agricultural exports reached about USD 18 bln. The total amount of losses from the harbour lockdown stood at USD 36 bln.