Ukraine's December seaborn exports of agricultural products hit record high since February 2022

Ukraine's temporary maritime corridor to the ports of Big Odesa enabled a record-high amount of agricultural products to be shipped by water in December, a new high since February 2022, Spike Brokers mark in a report.

A total of 6.1 million tons was shipped by water in December:

• Danube ports — 1.3 million tons
• Port of Big Odesa — 4.8 million tons

Freight rates remain stable compared to December. Analysts say this reflects stable demand and the continued operation of the Ukrainian humanitarian corridor in the Black Sea.

Freight rates:

• Izmail, Ukraine – Constanta, Romania @22-28 € (1-3 thousand tons)
• Black Sea, Ukraine – Spain, Mediterranean – $39-42 (30-35 thousand tons)
• Chornomorsk, Ukraine – Italy, East Coast – $37-38 (30-35 thousand tons)
• Chornomorsk, Ukraine – Italy, West Coast – $38-39 (30-35 thousand tons)
• Chornomorsk, Ukraine – Portugal – $39-42 (30-35 thousand tons)
• Chornomorsk, Ukraine – ARAG – $52-55 (30-35 thousand tons)
• Chornomorsk, Ukraine – China – $62-67 (60-65 thousand tons)

Upon the request of the Export Credit Agency (ECA), Ukrgasbank and Ukreximbank issued letters of credit for US$10 million each to a pool of 14 British insurance companies to lower the cost of covering vessels moving in the Black Sea corridor.