The opening of the temporary sea corridor in August last year had a huge positive impact on the export of all types of goods and the country’s entire economy. In total, 736 ships, which transported almost 23 million tons of export cargo, left the ports of Odesa during the first six months of the corridor’s operation. However, modernizing the ports and their accompanying infrastructure with a proper security component will allow for an increase in volumes by at least 25%.
At the end of January, a ship insured against military risks passed through the sea corridor thanks to UNITY insurance, created by the Ukrainian government and a pool of insurance companies led by Ascot. The insurance cost was 0.75% of the vessel’s value. The normalization of the insurance market in trade is a cornerstone of the recovery in exports of value-added products.
In 2024, the Ministry of Economy expects the work of the corridor to increase exports by at least $3.3B and 1.23 percentage points of additional GDP growth. In 2024, the average monthly supply of goods through the sea corridor is predicted to amount to about seven million tons.