Black Sea Ship Disruption Costs Crop Exporter Millions a Month
- Black Sea exports slow to trickle amid inspection delays
- Disruption means exporters use more costly routes: Kernel CEO
A worker inspects grain from Ukraine anchored in the Black Sea off the coast of Istanbul, Turkey.
Photographer: Yasin Akgul/AFP/Getty ImagesThis article is for subscribers only.
Ship inspection holdups that are crippling Ukraine’s Black Sea crop exports have cost major agribusiness Kernel Holding SA $57 million, its chief executive officer said.
Kyiv has accused Moscow of purposefully slowing checks of vessels carrying crops though a safe-corridor. That’s forcing companies to seek alternative river and land routes that are more expensive — something that’s costing Kernel around $5 million a month — CEO Ievgen Osypov said.