As Russia’s war on Ukraine drags into another month with no end in sight, a cloud is hanging over the peak grain season for bulker owners.

Genco Shipping & Trading chief executive John Wobensmith acknowledged on an earnings call on Thursday that it is difficult to piece together exactly how the scenario might play out.

“I still have the opinion that not a lot of grain will flow out of Ukraine,” Wobensmith told B Riley Securities analyst Liam Burke.