Ukraine’s sea ports were under a blockade until the end of July 2022 when the Black Sea Grain deal was signed

Cargo volumes may recover once businesses have adjusted inventory levels, unlikely to improve supply/demand balance

2023 likely to see beginning of new normal rather than reverse of the recent weakening of supply/demand balance

BIMCO evidence suggests that refills can save around 2,355 kg of CO2 emissions per ship per year.

Volumes into North America, which led surge in volumes during Covid, declined -20.6% y/y.