On March 25, 2023, the US, Russia, and Ukraine reached a key agreement aimed at ensuring the safety of commercial shipping in the Black Sea. The core elements of the agreement include prohibiting the use of force against commercial vessels, preventing the militarization of ships, and halting attacks on energy facilities.

The US agreed to assist in restoring Russia's agricultural and fertilizer products' access to global markets, while Russia set the condition of lifting sanctions on its agricultural sector as a prerequisite. This agreement is considered the most substantial diplomatic breakthrough since the Russia-Ukraine conflict began and could serve as the foundation for a ceasefire.

For the global dry bulk market, the normalization of Black Sea shipping could reshape the trade landscape for grain, fertilizers, and coal. However, whether the shipping market will benefit depends on geopolitical risks, the easing of sanctions, and the import situation from key demanders like China.