Short summary of discussions:
- Gafta sent letter last week on trade concerns, discussed current situation in region and shared statistics on Ukraine export situation, per commodity, volumes per land/sea/river, yr on yr export situation
- Steep increases in war risk premiums over last month discussed (20%)
- Raised concerns on spate of recent attacks in the region, indiscriminate, impact on processing industries, grain terminals and port infrastructure and strategic importance of Black Sea/seaports (89%) for all parties and commodity business, strategic importance for EU
- Need to share data on Russian export situation after the meeting
- Aligned with UN on view that light approach agreement is best way forward, a broader agreement, timely that it steps up diplomatic efforts now, confirmation that no inspections, no designated corridor as part of any agreement, would be focused on free navigation to protect commercial vessels, ports, and energy. Several proposals on table navigation, energy, and port infrastructure
- Discussions last week in UAE and will continue, ongoing negotiations as broader peace deal
- Questions on attacks on Russian oil tankers and if any on grains,
- impact on Asian sourcing from Russ/Ukraine, slow to return
- overall percentage impact on regional supply to global market today v pre war and if still at 30% of global supply
- Gafta discussed with IMO sec gen, should also reach out to US and EU.
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