Rising Freight Rates Put Heavy Burden on Grain-Importing Nations
- Bulk freight prices rise as buyers replace Ukrainian grain
- As many as 100 ships still stuck in Ukrainian waters: ICS
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The war in Ukraine will put further pressure on grain-importing countries in Africa and Asia as a reduced number of vessels for delivering cargoes drives up shipping rates, according to the head of the International Chamber of Shipping.
About 80 to 100 ships, mostly bulk carriers, have been unable to leave Ukrainian waters for almost two months due to underwater mines and military blockades, ICS Chairman Esben Poulsson said in an interview. Bulk freight rates are rising as owners and charterers price in the fact that ships will be tied up for longer periods.