Turkey limits Black Sea ship movements
Sources have reported that Turkey has restricted the movement of commercial ships in the Black Sea in response to the escalation of Russian and Ukrainian attacks on ships and ports in the region. This has led to a halt in issuing transit permits for a number of vessels heading to Russia. The rising tensions threaten Ukraine’s grain exports, which account for 90% of its agricultural shipments through Black Sea ports. This situation could reduce production, increase transportation costs, and pose a risk to global food security, especially with the harvest season approaching. The situation remains tense as ongoing attacks have caused Ukraine’s grain exports to decrease by approximately one-third since the beginning of the year, doubled shipping costs, and are expected to result in direct export revenue losses between $1.5 billion and $3 billion in 2023.
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