Conflict Trade

THE HOTSPOT MAP

Geopolitics moves
your portfolio.

Follow the connection to your portfolio. Explore major conflict zones and see how the trade corridors they touch can affect costs, revenues and the sectors you invest in.

GLOBAL VIEW

Conflict zones and trade corridors

World map of selected conflict zones and maritime corridors Numbered markers correspond to the conflict zone buttons below the map. Pacific corridors continue across the map edges.

Interactive atlas. The conflict brief is available below.

Selected maritime corridorsConflict and tension zones

Indicative sea corridors based on the OECD map using IMF PortWatch data, plus references from UN Trade and Development, the U.S. Energy Information Administration and the Panama Canal Authority. Red areas mark regional exposure on a Natural Earth basemap.

Routes and map sources

Corridors shown

  • Asia — U.S. West Coast
  • Europe — U.S. East Coast
  • Asia — U.S. East Coast via Panama
  • Asia — Europe via Suez
  • Asia — Europe around the Cape
  • Persian Gulf — Asia
  • Black Sea — Mediterranean
  • U.S. Gulf Coast — Europe
  • U.S. East Coast — South America West
  • East Asia — Southeast Asia via the Taiwan Strait

SELECT A ZONE

Explore the conflict behind the exposure.

Selected zone Ukraine / Black Sea

CONFLICT BRIEF

Ukraine / Black Sea

Grain & bulk shipping

THE CONFLICT EXPLAINED

Russia’s war against Ukraine reaches its export ports

Russia’s full-scale invasion of Ukraine disrupted seaborne exports. In October 2026, the European Council condemned Russian attacks on Ukrainian grain storage, export facilities and vessels in Black Sea and Danube ports. Those risks affect whether shippers can move agricultural cargo safely.

Where it matters
Ukraine’s northwestern Black Sea coast, the approaches to Odesa and the Danube outlets.
What can disrupt trade
Attacks on export infrastructure and shifts in safe passage can move cargo between sea and inland routes.

FROM HEADLINE TO HOLDINGS

Port access changes the cost of moving grain.

Ukraine ships wheat, maize and oilseeds through Black Sea ports and the EU’s rail, road and inland-waterway Solidarity Lanes. The European Commission reported that around 90% of Ukraine’s grain, oilseed and related exports used the Solidarity Lanes in September 2026. Changes in access or capacity can affect freight costs and what food and feed producers pay.

  1. Conflict event

    Attacks disrupt ports or vessel movements

  2. Economic channel

    Cargo shifts to alternative routes

  3. Portfolio exposure

    Freight and food-input costs can change

Sectors to watch

  • Agriculture

    Export bottlenecks can change farmgate prices and import availability.

  • Consumer goods

    Mills, food producers and livestock suppliers face changes in input costs.

  • Shipping

    Port availability and insurance can change the cost of moving bulk cargo.

ONE SIGNAL TO WATCH

Share of Ukrainian grain and oilseed exports moving through Black Sea ports

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Sources for Ukraine / Black Sea

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