Ukraine’s first shipments of grain since being invaded by Russia are a harbinger of relief for squeezed global markets, but many challenges remain before the millions of tons of food stuck in the country can be released.
Perhaps the biggest is the willingness of shipowners to send their vessels into harm’s way, as the waters are littered with mines and Russia didn’t hesitate to strike the port of Odesa after the safe-passage agreement was signed. Officials with knowledge of the insurance market quoted a wide range of figures for covering the nation’s cargoes, with most of the numbers looking prohibitive for the trade.
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