Shipping volumes in Ukraine’s Black Sea ports has been declining as tensions in the area continue to grow.
According to consultancy, VesselsValue, shipments of dry commodities in Ukraine this month are on course for a 44 percent month-on-month decline, which is about 15 percent below the five-year average for February. The decline is a significant change from the previous month, where Ukraine’s dry bulk exports were above the historical average.
Oil exports in Ukraine have also plummeted this month.
Russia’s Black Sea Fleet has launched a massive live-fire exercise off the coast of Crimea. The series of drills has caused concern that there might be an attack on the Ukrainian coast.
The shipping industry has been on edge sailing in the area. The U.S. Maritime Administration advised U.S.-flagged shipping vessels to proceed with caution in the Black Sea and Sea of Azov.