railways. we start with the war in ukraine, and russia is denying that its invasion has caused a global food crisis, despite the fact that we ve seen soaring wheat prices driven by the collapse of ukrainian exports. its foreign minister, sergey lavrov, is in the turkish capital, ankara, for talks with his turkish counterpart mevlut cavusoglu. on the agenda creating a potential sea corridor for ukrainian agricultural exports. throughout the war, russia has been blockading black sea ports, including odesa. 20 million tonnes of grain is now stuck there grain many countries are reliant on. but mr lavrov says the onus is on ukraine to demine the waters around them, which were laid by ukraine as part of its defence. here s mr lavrov. to resolve this problem, we need one thing for the ukrainians to allow access to their ports, either by demining or the provision of safe corridors. nothing more is required. ukraine wants proper assurances that any safe, demined pathway wouldn t
The repercussions of the Ukraine-Russia conflict on the Shipping companies earnings and War risks insurance
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consequences of this as you say can t be overstated. you talk about that grain that still is sort of stuck there. i imagine speed is of essence otherwise it could basically rot where it is. i imagine that is one of the obstacles that they still have to overcome. yes, the main obstacles is that they still have not sure about safety of the vessels which they direct to ukraine. it means that insurance level for these investigation vessels will be higher than for other destinations. it is like an extra war insurance. and it leads to increase in cost of freight. but if we compare what ukrainian farmers face today for delivery of ukraif ukrainian grains, stis much cheaper. for example to deliver grain from central part of ukraine to
grain blocked as well in the ukrainian territory. i don t believe that mr lavrov and the turkish government can find the solution without ukraine. only one solution is unblock ukrainian port. they re inside in ukraine about 30 million tonnes of grain and we are nearly the new crop. in one month we will have a new one crop, about 65, 70 million tonnes. you heard there that tonnes of ukrainian grain remains trapped in the country. rescuing it poses quite a few logistical problems. the first is one we ve already mentioned the water around odesa is filled with naval mines. any grain corridor would require a demining operation. ukraine isn t keen on that. then there s the issue of vessels. to give you an idea, transporting 20 million tonnes of grain would need 400 bulk cargo ships. the guardian has been investigating the issue and reports that getting war insurance for the ships will also be a determining factor. this is one economist s view.