Pandemic lockdowns and Russia’s invasion of Ukraine have disrupted global grain shipping more than any other industry, arguably, and have sent U.S. grain prices, input costs, and shipping rates soaring. The ongoing Russian blockade and control of export facilities in the Black Sea are inflating global food prices and threatening social disintegration in some of the poorest and most food-insecure countries in Africa and the Middle East – countries that depend on the availability of Black Sea exports and are struggling to find replacements.
Meanwhile, despite China’s ports remaining open, the country’s strict zero-COVID policy has resulted in the shutting down of operations, causing delays of vessels at terminals and supply chain confusion. More than 40 cities have been affected by the two-month lockdown of Shanghai, creating an uneven and volatile freight picture.