The suspension of Russian grain exports from Black Sea ports is expected to weigh further on bulk carrier freight rates.
Russian Prime Minister Valdimir Putin suspended grain exports from August 15 until December 1, after serious droughts and bushfires affected harvests.
"Due to the abnormally high temperatures and the drought, I consider it appropriate to introduce a temporary ban on exports of grain and other agricultural products made from grain," Mr Putin said at a meeting of the Russion government yesterday.
Russia cut its grain crop forecast to 70m-75m tonnes, down from previous forecast of 85m tonnes, of which 24m tonnes was earmarked for export.