Kiev hopes to export all of 2023/2024 MY harvest before end of May

MOSCOW. March 22 (Interfax) - Ukraine will deliver its entire harvest of the 2023/2024 marketing year and the remainder of the previous year's to international markets before end of May, Deputy Restoration of Ukraine Minister Yury Vasilkov said, speaking at Exporter Summit in Kiev on Friday.

"My opinion is that somewhere in mid-May or late May at the latest, all of this year's harvest and the remainder from the past year will have been exported," Ukrainian media quoted Vasilkov as saying.

Prices at terminals for Ukrainian agricultural exports at Ukrainian ports will not be reduced, he said.

According to Vasilkov, Ukraine has several mechanisms to guarantee export shipments via the Black Sea. The first of those mechanisms is compensations from the state budget in the event of the vessels being damaged.

The second mechanism is the Unity facility from Marsh McLennan and the Ukrainian government, also involving UK clubs to which Ukraine paid its contribution to allow vessels carrying agricultural goods to have insurance cover at a 1% rate or less.

Vasilkov said Ukraine had obtained a confirmation at a meeting in London a few weeks ago that vessels transporting other goods, including iron ore, metal products and others, would also be offered insurance on similar conditions.

"Ukraine also raised the issue of insurance for container shipments and obtained consent [at the meeting] in London for ship owners being offered attractive terms and conditions," he said.

As reported, the UNITY insurance facility has helped halve commercial insurance rates for transportation via the maritime route unilaterally established by Kiev, with the rate for agricultural goods currently at 0.75%.

The UNITY facility is accessible for all international brokers, whom ship owners and Ukrainian exporters can turn to.