Impacts of Russia’s war of aggression against Ukraine on the shipping and shipbuilding
markets
Russia's war of aggression against Ukraine has had profound effects on the maritime
sector. It directly disrupted maritime activities in the Black and Azov seas, causing
the suspension of Ukrainian port operations and agricultural exports. Although an
export corridor temporarily resumed activities, the termination of the agreement in
July 2023 continues to affect Ukrainian shipping. International sanctions against
Russia and Belarus have notably targeted shipowners and shipbuilders, restricting
Russian ships' access to OECD ports. These sanctions have also halted orders for Russian
ship owners in OECD countries, reducing new orders and vessel completions in Russian
shipyards. While global seaborne trade and ship demand remain relatively unaffected,
the war has prompted longer-term impacts such as altered trading routes, changes in
energy demand and costs, potential implications for maritime decarbonisation, and
an increase in "dark fleet" vessels.
Published on November 10, 2023
In series:OECD Policy Responses on the Impacts of the War in Ukraineview more titles