Black Sea

The tanker Skiros was attacked after loading Russian oil near the Caspian Pipeline Consortium terminal.

Moscow does not consider it advisable to restore the format of the “grain agreement”, despite Turkey’s proposal to introduce a moratorium on military operations in the Black Sea.

Ukraine has passed on to Russia, through a third party, a proposal to mutually cease attacks on civilian targets in the Black Sea.

Turkey is discussing the creation of two separate safe routes in the Black Sea – for ships heading to Ukraine and Russia.

Market participants expected a clearer statement from Turkish President Recep Tayyip Erdogan regarding the possible closure or restriction of vessel passage through the straits.

On July 31, US Vice President J.D. Vance, during a conversation with President Volodymyr Zelenskyy, asked Ukraine to stop attacks on oil tankers in the Black Sea.

After the Russian Federation intensified its attacks on Ukrainian ports and civilian vessels, Ankara has shown that it is ready to use control of the Bosphorus and Dardanelles as leverage.

For Ukrainian exports, this means a new risk premium – even before the straits are actually closed. USM spoke with experts in the maritime and agricultural industries to find out how Turkey’s decision could affect shipping and the freight market.

There are almost no orders for “handysize” and larger vessels, while Danube costers are still finding cargo and continue to increase in price, albeit more slowly.

Turkey has resumed the passage of merchant ships through the straits towards the Black Sea after several days of delays for voyages to Russian and Ukrainian ports.

Meanwhile, Turkish Foreign Minister Hakan Fidan calls on Moscow and Kyiv to agree on a moratorium on strikes on merchant shipping.