Fertilizer shipments via Hormuz easing

After an agreement between Washington and Tehran, fertilizer shipments passing through the Strait of Hormuz have begun to recover. Since June, sulfur shipments have reached approximately 640,000 tons, compared to 80,000 tons during the war. Meanwhile, urea shipments increased to 427,000 tons from 275,000 tons previously. However, markets remain cautious due to restrictions and risks, with over 500 ships stranded in the Gulf. The full recovery of fertilizer trade has slowed, although institutions expect maritime traffic to return to pre-conflict levels by August at the latest.

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