Ukrainian dry bulk surge versus Russian decline
According to shipping organisation Bimco, Ukraine’s dry bulk shipments surged by 87% year-on-year, a significant recovery three years after the Russian invasion.
Over the past twelve months Russian shipments declined by 6%, but Ukrainian exports jumped considerably, resulting in a 3% overall increase in combined volume, even though totals remain 6% below pre-war levels.
The surge in Ukrainian cargo is largely credited to the effective use of its coastal corridor since August 2023, which has continued operating despite intermittent attacks. In contrast, Russian exports have struggled, especially in coal and grain, with coal accounting for half of the combined volumes.
Changing sailing distances have also impacted market dynamics, as Russian routes have lengthened while Ukrainian ones have shortened. “In the medium term we envisage the further strengthening of Ukrainian shipments, especially if the conflict ends,” said Bimco shipping analysis manager Filipe Gouveia. (js)