Uncertainty over the status of the Black Sea Grain Initiative (BSGI)

Grain exports from the Black Sea to Europe fell in November due to uncertainty over the status of the BSGI, but rose again in December. (Image: Risk Intelligence)

THE INSIGHT:

While exports needed some time to pick up from the initiation of the Black Sea Grain Initiative (BSGI) in early August 2022, September and October saw strong numbers. However, uncertainty over the status of the BSGI, the Russian pullout of the deal over Ukraine strikes on Sevastopol, and the doubt over the extension, saw fewer transits and exports in November. Following the extension in mid-November, exports rose again in December.

While the average number of vessels has been falling from October, to November and December, this has mainly been a result of many smaller vessels in AUG/SEP/OCT – a dynamic that has changed since mid-November. Since then the vessels calling the three ports in the BSGI have, on average, been significantly larger vessels capable of carrying more cargo.

Download all 2022 annual figures:

The 2022 annual maritime security incident figures are available for download as a complete slidedeck with full analyst insights and statistics in speaker notes. Fill in the form below to access you deck.