This was possible thanks to the introduction of a ‘humanitarian corridor’ preferring coastal over open-sea navigation to access Ukrainian waters. Consequently, the exports pace rose to levels unseen since Feb’22 and is expected to ramp up further in the coming months.
Owners of “overage” Capesizes (i.e. 2001-2004 built) proved to be keen on fixing such business. Indeed, the lower H&M value of those ships gives them a huge competitive advantage as it allows cheaper war insurance premiums to call ports in Ukraine, as well as for transits via the Sea of Aden. This is particularly appreciable given that China has accounted for 48% of those exports year-to-date in 2024!
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