Strikes on shipping in the Red Sea by the Iran-aligned Houthis who control much of Yemen have stymied trade between Europe and Asia. Passage through the Red Sea is very important for Ukraine as almost a third of its exports via the Black Sea corridor are sent to China, Reuters said.
Ukraine has managed to boost its Black Sea grain exports to a level not seen since before Russia's invasion, although the Red Sea shipping crisis poses a new challenge to its crucial agricultural trade.
Kyiv's success in replacing a UN-backed Black Sea export deal with its own shipping scheme has brought relief for Ukrainian farmers and importing countries while representing a naval breakthrough for Ukraine's military as a land counteroffensive has stalled.
Under its new export scheme, Ukraine is also supplying grain to Pakistan for the first time since Russia's invasion, said Alexander Karavaytsev, senior economist at the International Grains Council.
Grain ships are increasingly being diverted away from the Suez Canal-Red Sea route, according to analysts and traders.
"The Red Sea situation is likely to hamper long-haul shipments from Ukraine," Karavaytsev said.