A maritime ceasefire announced between Russia and Ukraine late on Tuesday is expected to reduce maritime insurance costs in the region, although it is unlikely to significantly impact the overall grain export trade.
That is because even without the ceasefire, Ukraine’s seaborne exports did not stop and lately bounced back to near pre-war levels.
First under a United Nations-protected scheme and then under Ukraine’s own authority, more than 4,000 ships carrying 110m tonnes of cargo — including more than 70m tonnes of grain — called at the country during the war, sustaining its external trade.
