The market will continue to insure, but keep a close eye on, Ukrainian grain exports. Last year we noted that the closing of the Black Sea corridor for Ukraine's substantial grain exports may have an indirect impact of increased risk of political violence in nations reliant upon the UN World Food Program. During the last 12 months, Ukraine has succeeded in boosting its exports via a combination of hugging the Black Sea coast where Russian submarines cannot operate and via the Danube river. The Black Sea fleet's partial redeployment has also assisted the security situation (and insurance rates). With the war unlikely to cease in the short to medium term, the insurance market will need to monitor the status of Ukrainian port facilities as well as the potential targeting of grain shipments by Russian forces.