CAIRO, EGYPT — Egypt canceled contracts for 240,000 tonnes of Ukrainian wheat that were booked for delivery in February and March but never loaded because of Russia’s invasion of Ukraine, Reuters reported.
Egypt's General Authority for Supply Commodities (GASC) released the trading companies supplying the four unloaded cargoes, Nibulon and Inerco, from the contracts. Earlier, GASC had provided an extension to provide the wheat, if necessary, from other origins.
Russia and Ukraine signed an agreement last week to restart Black Sea grain and fertilizer exports. It is unclear if the GASC contracts were canceled before the deal was signed.
Egypt is one of the world’s largest wheat importers, and relied heavily on Black Sea shipments. Since the war, it has diversified wheat supplies, purchasing more than a million tonnes in July.
The four canceled cargoes were bought in December at prices ranging between $346 and $360 per tonne, including shipping costs. The fifth loaded cargo is stuck at Ukraine's Chornomorsk Port but is expected to sail once it has the green light from port officials, according to traders.