Sanctions on Russia for the invasion of Ukraine are intensifying and biting, with consequences for the Argentine fishing industry, mainly because Russian importers are rejecting shipments as the Rubble, last week, had devalued almost 75%.
Although there is some flexibility for shipping transporting food to Russian ports, the fact is there is no guarantee of payment given the financial impediments for banking transactions and importers rejections. This is being felt in Mar del Plata where some containers with hake have been left in European ports.
In 2021 Argentina exported 26,000 tons of fish produce for some 80 million dollars, mainly hake fillets and shrimp tails. Some exporters have managed to redirect shipments to other markets, but not all have been so lucky.
Other companies exporting to Ukraine had also to cancel shipments since Maersk informed they were no longer operating in Black Sea ports. Other maritime companies, Hapag Lloyd and CMACGM followed. Swiss based MSC reported in its Portal Trader News, that with immediate effect it would temporarily suspend all types of standby bookings to and from Russia, including the Baltic, Black Sea and Russian Far East.
Argentine Customs dispatchers are also warning that according to the latest information, shipping companies are warning clients about delays and additional costs because of inspection problems at transshipment ports in Europe.
Likewise cargoes heading for Ukraine, exporters are asked for a new destination or transshipment port or containers are returned to Argentina. (FIS)