Despite the latest developments regarding Russia’s pulling out from the UN grain deal, it seems that the seaborne grain trade’s fundamentals are favorable for ship owners. In its latest weekly report, shipbroker Intermodal said that “global grain trade is extremely tight, facing headwinds from the ongoing war in Ukraine, US river woes, parched fields in Argentina, an unfolding world food crisis, and fears over a global recession. However, considering the current snapshot of the grain market, one should not ignore that although the outlook is rather gloomy, there are some positive indicators that underpin or could provide some relief to the grain market”.
