As of September 29, Ukrainian farmers had harvested 34.3 million metric tons of grain and legumes from 7.1 million hectares, or 61% of the projected area, according to the press service of the Ministry of Agrarian Policy and Food.
The average yield for grains and legumes is 48.2 centners per hectare.
The harvest of wheat, barley, and peas has already been completed. A total of 26 million metric tons of wheat were harvested from 5.11 million hectares at an average yield of 50.8 centners per hectare; barley—6.6 million metric tons from 1.48 million hectares (44.6 tsentner per hectare), and peas—812,300 metric tons from 301,900 hectares (26.9 tsentner per hectare).
Corn harvests totaled 789,000 metric tons from 153,300 hectares at a yield of 51.5 centners per hectare; millet—75,400 metric tons from 32,800 hectares (23 centners per hectare); and buckwheat—44,700 metric tons from 34,700 hectares (13 centners per hectare).
The largest volumes of grains and legumes were harvested by farmers in the Odesa region—5.6 million metric tons, the Dnipropetrovsk region—2.76 million metric tons, and the Mykolaiv region—2.65 million metric tons.
At the same time, farmers harvested over 8.4 million metric tons of oilseeds. In particular, the rapeseed harvest is complete—3.87 million metric tons were harvested from 1.33 million hectares at a yield of 29.1 centners per hectare. Sunflower seeds yielded 3.36 million metric tons from 1.66 million hectares (20.3 centners per hectare), and soybeans yielded 1.22 million metric tons from 571,400 hectares (21.3 centners per hectare).
The sugar beet harvest is ongoing: 296,500 metric tons have been harvested from 5,800 hectares at an average yield of 511.2 centners per hectare.
Issue No. 2 – September 2026
Analysis of the Current Situation in Ukraine’s Foreign Exchange Market
In the second half of September, the hryvnia was under constant downward pressure, but the NBU’s participation in trading kept the national currency from falling further. As a result, as of September 29, the official exchange rate stood at 44.81 UAH per dollar, whereas at the beginning of the month it was at 44.52 UAH per dollar.
Several key factors are currently influencing exchange rate fluctuations. The first is the security situation, which deteriorated significantly in September due to intensified Russian shelling of large enterprises, gas stations, warehouses, and civilian infrastructure. Because of this new large-scale destruction, the need to import goods and equipment into the country is growing, putting pressure on the exchange rate. The second is the international situation, which consists of two key factors: the war in Iran and high oil prices, as well as fluctuations in the euro/dollar exchange rate. Meanwhile, the volume of the NBU’s interventions in the foreign exchange market remains quite significant: according to published data, the National Bank sold more than $4.92 billion on the market over the 25 days of September.
Global Context
The global market saw the most significant event of recent months in September: on September 16, the Federal Reserve Committee decided to raise interest rates. Consequently, the benchmark interest rate was increased by 0.25 percentage points—to a range of 3.75–4%. The Committee explained its decision as an effort to bring inflation back to the 2% target more quickly. Fed Chair Kevin Worsh noted that inflation is “too high and has been so for too long.” According to him, the Committee needed to ensure that core inflation was moving toward the target “clearly and at a sufficient pace.” Among the main risks contributing to heightened uncertainty in the U.S., leading economic experts typically cite geopolitics, particularly the war in Iran and the associated volatility in energy prices. The Fed is expected to raise the benchmark rate once more by the end of 2026.
As tensions in the Middle East show no signs of abating, the oil market is under immense pressure from the so-called “Strait of Hormuz factor.” Yesterday, September 28, oil prices rose again. This time, the reason was a delay in ceasefire negotiations between the U.S. and Iran after U.S. President Donald Trump rejected the proposed peace agreement. As a result, oil prices rose: Brent futures climbed 1.27% to $105.64 per barrel.
There is slightly more certainty in the international foreign exchange market, where the dollar has been steadily strengthening throughout the second half of September following the Fed’s decision to raise interest rates. The EUR/USD pair has been trading at around 1.1366 USD/EUR in the final days of September.
Domestic Ukrainian Context
In September, the foreign exchange market remained under pressure from increased demand for foreign currency. The volume of interventions by the National Bank of Ukraine (NBU) remains very substantial: between August 31 and September 25, the NBU sold $4.924 billion on the market. As a reminder, in August, the volume of interventions totaled $4.82 billion. Businesses’ demand for foreign currency is rising, as intensified enemy shelling and destruction have led to a significant increase in business costs and a growing need to import equipment. In addition, the hryvnia is under pressure from fuel prices, which have risen sharply over the past month amid global trends in the oil and petroleum products markets.
Meanwhile, inflation in Ukraine continues to rise—in August 2026, consumer inflation accelerated to 8.1% year-over-year, prompting the Board of the National Bank of Ukraine to decide in September to raise the discount rate by 0.5 percentage — to 16% — in light of persistent fundamental price pressures. Regarding high prices, the NBU explained that last month’s price dynamics were driven by rising fuel costs amid the escalation of the war in the Middle East, as well as faster growth in certain administrative tariffs, which is largely a consequence of Russian attacks on critical infrastructure. The National Bank notes that raising the discount rate will help keep inflation expectations under control and return inflation to a steady downward trajectory toward the 5% target over the policy horizon.
However, the main issue is not inflation, but the state of the national budget. President Volodymyr Zelenskyy stated that the budget deficit for military needs amounts to $27 billion, and shortly after this statement, Prime Minister Serhiy Koretskyy announced a budget austerity regime. Given the significant funding shortfall, the government has deferred 39 billion hryvnias in capital expenditures, originally scheduled for September, to the end of 2026.
The Ministry of Finance expects to secure the necessary funds for the budget from the EU, G7 countries under the ERA mechanism, the IMF, the World Bank, the United Kingdom, and other partners. According to Finance Minister Serhiy Marchenko, Ukraine can avoid a budget crisis if it receives $29.5 billion in international financing by the end of 2026, as provided for under a number of support programs. However, for this to happen, the Verkhovna Rada and the government must fulfill the necessary obligations, including, in particular, signing the law on the taxation of digital platforms and adopting amendments regarding politically exposed persons.
Against the backdrop of a significant intensification of Russian shelling of civilian infrastructure and business facilities, Ukraine faces major threats of a substantial increase in government spending coupled with a simultaneous decline in tax revenues to the state budget. The economic slowdown means that international support will play an even more critical role. Meanwhile, the European Union has approved the eighth regular tranche for Ukraine under the Ukraine Facility program. As a result, the Ukrainian budget will receive nearly 3 billion euros in the near future. The funds are intended to support Ukraine’s macrofinancial stability, the country’s recovery and modernization, the functioning of public administration, and the implementation of reforms.
U.S. Dollar Exchange Rate: Trends and Analysis
Fluctuations in the dollar exchange rate in September were mixed: while the dollar weakened at the beginning of the month, it strengthened steadily in Ukraine during the second half of the month, following the trend on the international market. Consequently, from 44.52 UAH/USD at the beginning of September, the official exchange rate reached 44.81 UAH/USD as of September 29.
The cash market mirrored the interbank market’s movements, meaning the hryvnia weakened while the dollar strengthened. By the end of the month, the cash market appeared to have finally and firmly broken through the psychological barrier of 45 UAH per dollar. As of September 29, the buying rate was 44.50–44.75 UAH/USD, and the selling rate was 45.05–45.30 UAH/USD. The spreads between the buying and selling rates increased slightly to 0.6–0.8 UAH/USD.
Key influencing factors:
· High demand for foreign currency on the interbank foreign exchange market. Rising fuel prices, as well as the need to rebuild destroyed buildings, warehouses, gas stations, and other facilities, require foreign currency for import purchases, which increases demand for the dollar and the euro.
· The NBU is ready to inject foreign currency into the market to curb the hryvnia’s downward trend. Most currency sales take the form of interventions, which bring the exchange rate back below 44.90 UAH/USD. Only the regulator’s interventions determine the exchange rate range for the hryvnia.
· Demand for foreign currency in cash is growing in Ukraine. In anticipation of a difficult winter, the population is seeking to convert its savings into safe, liquid currencies to protect against inflation and devaluation.
· International factors: The war in Iran is still far from over, and the U.S. has already announced plans to intensify bombing in Iran after the midterm congressional elections in November.
· Oil prices are constantly influenced by the situation in the Middle East. Regular spikes in oil prices lead to a steady rise in the cost of petroleum products, which affects inflation rates in the U.S., the EU, and Ukraine.
· Market expectations: In the global market, expectations center on the next increase in the Fed’s benchmark interest rate. In Ukraine, the main focus is on the intensifying drone and missile attacks on major cities—particularly Dnipro, Odesa, Zaporizhzhia, and Kyiv—which are triggering new waves of migration and causing massive economic losses.
Forecast
· Short term (1–2 weeks): base range of 44.80–44.95 UAH/USD; fluctuations may be in different directions depending on the volume of the NBU’s foreign exchange interventions.
· Medium term (2–3 months): 44.95–45.40 UAH/USD. On the international market, the dollar is strengthening due to the Fed’s rate hike. In Ukraine, this factor also influences the dollar’s exchange rate movements; however, the main factor remains the volume of interventions the NBU is prepared to offer the market here and now, as well as the NBU’s plans to prevent the hryvnia from sharply depreciating.
· Long-term (6+ months): A depreciation trend will prevail, and by the end of winter—assuming the state budget deficit worsens and there are fairly prolonged delays in the receipt of new tranches of international aid—the exchange rate could reach 45.80–46.50 UAH/USD. Intensified attacks by the Russian Armed Forces on cities, infrastructure, and businesses are leading to a steady increase in pressure on the foreign exchange market. Exchange rate fluctuations will be most significantly influenced by the volume of international aid, the state of the energy sector, the scale of destruction caused by Russian attacks, and fluctuations in oil and petroleum product prices.
Euro Exchange Rate: Trends and Analysis
Throughout September, the euro exchange rate on the Ukrainian market declined. While the official rate was 51.64 UAH/EUR at the beginning of the month, it stood at 50.97 UAH/EUR as of September 29. The main reason for this trend is developments in the international market, where in the second half of September the dollar regained ground thanks to the Fed’s rate hike, while the euro, accordingly, lost ground.
In Ukraine’s cash market, the buying rate ranges from 50.40 to 51.90 UAH/euro, while the selling rate ranges from 51.35 to 51.60 UAH/euro. The spreads between the buying and selling rates began to narrow in September and reached 0.55–0.80 UAH/euro by the end of the month.
Key influencing factors:
· On the international market, the dollar is strengthening, while the euro is weakening. The Fed’s decision to raise the benchmark interest rate had the greatest impact on currency quotes. This provided significant support for the dollar.
· The ECB already implemented one rate hike in September, but another one cannot be ruled out.
Europe is experiencing a sharp rise in inflation, primarily due to rising fuel prices and uncertainty related to the conflict in the Middle East.
· In Ukraine, citizens are actively buying euros to build a financial cushion and save for travel to EU countries. For many citizens, the euro often takes priority over the dollar, as many have relatives living in the eurozone, and some view the EU as a place of refuge should the security situation deteriorate.
Forecast:
· Short term (2–4 weeks): On the Ukrainian market, the euro may trade within the range of 50.95–51.40 UAH/euro.
· Medium term (2–4 months): Depending on global events, the course of the war in Iran, and changes in energy prices, the euro may regain its lost ground; in that case, the official exchange rate in Ukraine could hover around 51.55–51.85 UAH/euro.
· Long term (6+ months): the euro exchange rate could reach 52.50–53.50 UAH/euro. The main factors influencing the euro exchange rate are inflation in the U.S. and EU countries, monetary policy decisions by the Fed and the ECB, further increases in the benchmark interest rate, the situation in the Middle East, and fluctuations in oil prices.
Recommendations for Businesses and Investors
In October, exchange rate fluctuations in the euro/dollar pair may intensify. This will require planning for potential flexibility in investment programs, as well as close attention to international news.
The dollar is regaining ground, while the euro is losing value. The dollar is currently being supported by the Fed’s benchmark rate hike, which has driven up the price of U.S. Treasury bonds. For investors, this means favorable investment opportunities in dollar-denominated assets.
The Fed may raise rates again in 2026. Although the main rate hike already took place in September, leading analysts believe the Fed may raise rates once more in December due to inflationary risks. This will provide support for the U.S. dollar.
The war in Iran is a source of global uncertainty. U.S. military operations in the Middle East continue, putting pressure on oil prices and adding uncertainty to financial markets. For investors, this means the need to always have several scenarios in mind and to plan for flexible options to exit certain assets in order to reallocate funds to others.
Investment security is the key factor when choosing a strategy. Recent exchange rate fluctuations in Ukraine’s foreign exchange market clearly indicate a depreciation trend. Therefore, it is advisable to use the hryvnia for short-term investments and current expenses, rather than for long-term investment plans.
Investment liquidity is a key focus. Due to global uncertainty and volatility in the oil market, fluctuations in the euro/dollar exchange rate do not follow predictable patterns; therefore, an investment portfolio should be structured with all factors in mind. It makes sense to keep the dollar and the euro as the main currencies in the portfolio, while the proportionate ratio of currencies depends on one’s plans and expected returns.
Investing in the dollar is a reliable source of profit. The U.S. economy continues to grow rapidly, as indicated by official statistics, and the U.S. dollar remains one of the most liquid currencies. The dollar’s share in a currency portfolio may well amount to 50–65%.
Diversify your currency portfolio with liquid currencies. The euro’s decline to 50.97 UAH/USD provides investors with opportunities to purchase the euro at a favorable rate for their portfolio in accordance with their individual strategy.
Holding different currencies in a portfolio helps safeguard investments. Investors should opt for liquid currencies whose exchange rates do not exhibit volatility. Among such currencies is the British pound sterling. The Bank of England is expected to raise interest rates twice over the next six months, as rising energy prices increase the risk of sustained inflation. This could open up new investment opportunities at more favorable rates.
Fluctuations in the dollar’s exchange rate on the international stage are always a reason for careful analysis and research into returns. The dollar exchange rate in October and November will be influenced by factors such as the course of the war in Iran, inflation trends in the U.S., the U.S. midterm congressional elections and their results, as well as signals from the Federal Reserve regarding its readiness for further tight monetary policy.
An increase in the NBU’s discount rate is not a reason to immediately switch to hryvnia deposits. Against the backdrop of rising inflation and intensifying devaluation fluctuations, hryvnia deposits should be used with great caution, and the largest share of capital should be allocated to stable foreign currency savings.
Key news to watch. It is important to monitor everything related to oil prices, potential new agreements between the U.S. and Iran, as well as U.S. labor market and inflation statistics. Pay close attention to news regarding the ECB’s plans to adjust its key interest rate. In Ukraine, the main factors influencing the foreign exchange market will be the state of international reserves, the volume of aid and loan tranches received from partners, the situation in the energy sector, and the destruction of infrastructure resulting from the aggressor’s attacks.
This material was prepared by analysts at KYT Group, an international multi-service FinTech product platform, and reflects their expert, analytical, and professional judgment. The information presented in this review is for informational purposes only and should not be construed as a recommendation for action.
The company and its analysts make no representations and assume no liability for any consequences arising from the use of this information. All information is provided “as is,” without any additional guarantees of completeness, or obligations regarding timeliness, updates, or additions.
Users of this material must independently assess risks and make informed decisions based on their own evaluation and analysis of the situation using various available sources that they themselves deem sufficiently reliable. We recommend consulting with an independent financial advisor before making any investment decisions.
REFERENCE
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Norway will allocate a total of NOK25 million (approximately $2.62 million) to support Ukrainian children who have returned from deportation, as well as to search for missing children and assist illegally detained civilians and prisoners of war through UNICEF and the International Committee of the Red Cross (ICRC).
This was announced in a press release published on the Norwegian government’s website on Tuesday.
Specifically, NOK 15 million will be allocated to UNICEF’s efforts to support the reintegration of children who have returned to Ukraine and to locate missing children. This funding is part of Norway’s broader contribution of NOK 132 million to UNICEF’s humanitarian program in Ukraine.
An additional NOK 10 million will be directed to the Central Tracing Agency (CTA) of the International Committee of the Red Cross.
The support package was announced at the international conference “Pathways to Peace: Returning Ukrainian Children, Detained Civilians, and Prisoners of War,” taking place in Toronto on September 28–29. Norway is co-hosting the conference alongside Canada and Ukraine.
“Russia’s illegal war of aggression against Ukraine has led to serious violations of international humanitarian law and human rights. We must continue to draw attention to these violations and do everything possible to support Ukrainians who have suffered as a result of the war,” said Norwegian Foreign Minister Espen Bart Eide.
According to him, the funds will help locate those missing in action, support efforts to bring more people home, and facilitate the rehabilitation and reintegration of those affected by the war.
The conference will feature testimonies from people who have returned after being held captive or deported. Prior to the conference’s opening, Norwegian State Secretary for Foreign Affairs Eivind Vad Petersen will participate in a trilateral meeting with Canadian Foreign Minister Anita Anand and Ukrainian Foreign Minister Andriy Sybiga.
In addition, Norway is allocating NOK 90 million to support the ICRC’s broader humanitarian activities in Ukraine.
In Romania, a new electronic road toll system called TollRo will take effect on October 1, 2026, for freight vehicles with a maximum allowable weight exceeding 3.5 metric tons, according to the National Company for Road Infrastructure Administration of Romania (CNAIR).
The new system will apply to vehicles intended for freight transport with a maximum authorized mass exceeding 3.5 metric tons. For the purposes of TollRo, mixed-use vehicles will be treated as freight vehicles.
Unlike the traditional vignette system, the fee for heavy freight transport will be based on actual use of the road infrastructure.
The amount of the fee will depend, in particular, on the distance traveled, the vehicle category, and its environmental characteristics. Thus, for international carriers that regularly transit through Romania, the cost of using the road network will increasingly depend on the specific route and the truck’s specifications.
To administer the charges, Romania has established the STRR electronic toll collection system, which will operate via the national SETRE platform.
The introduction of TollRo is also significant for Ukrainian international trucking companies, as Romania is one of the key road routes for Ukrainian exports and imports to the EU, as well as for the transit of goods to Central and Southeastern Europe.
Accordingly, transportation companies using trucks weighing more than 3.5 metric tons in Romania must take the new road toll model into account when calculating transportation costs after October 1.
CNAIR clarifies that August 31, 2026, was the deadline for establishing the necessary STRR and TollRo infrastructure, while the actual collection of the new tolls, in accordance with the law, begins on October 1.
The next step will be the integration of the Romanian system with similar systems in other European Union countries. According to Romanian law, interoperability via the European Electronic Toll Service (EETS) is scheduled to become operational on January 15, 2027.
The transition to distance-based tolling is in line with a general trend in the EU, where road tolls for heavy commercial vehicles are increasingly linked to actual infrastructure use and the environmental performance of vehicles.
Official information about the system’s launch and its operating rules is available on the SETRE National Electronic Registry platform.
Andriy Verevsky, the principal owner and head of the Kernel agricultural holding, received 230,270,035 shares of Ferrexpo—a mining company with its main assets in Ukraine—following an additional share issuance, giving him 21.99% of the voting rights, according to the company’s statement to the stock exchange.
According to Ferrexpo’s semi-annual report, the voting stake of the largest shareholder—Fevamotinico S.a.r.l., which is wholly owned by The Minco Trust—whose beneficiaries are Konstantin Zhevago and two other members of his family—has decreased to 45.3% of the issued voting share capital (excluding treasury shares) from 49.3% at the beginning of the year.
In addition, BlackRock, Inc. reported that, together with its affiliates, it once again controls less than 5% of the voting rights, as was the case prior to September 14 of this year, when it announced that it had acquired 5% of the voting rights in Ferrexpo, of which 1.34% were held directly through shares and another 3.66% through financial instruments.
As previously reported, Ferrexpo’s shareholders’ meeting on September 21 approved an additional share issuance totaling approximately $100 million, of which about $50 million was provided by Verevsky and another approximately $40 million by Fevamotinico.
The shares were placed at a price of 16.5 pence per share, which is 42.3% lower than the share price on the London Stock Exchange on April 30 of this year, while on the day of the meeting, trading closed at 28.28 pence, and the shares are currently trading at 34.30 pence per share.
Ferrexpo noted that the new shares represented approximately 73.1% of the company’s existing shares prior to the capital raise. It was expected that upon completion of the capital raise, the owner of “Kernel” would hold 21.44% of the increased share capital.
The company clarified that after admission to trading, its total issued share capital will consist of 1 billion 62 million 816.44 thousand common shares, each of which carries one vote; however, 15 million 830,814 thousand shares are currently treasury shares and therefore do not carry voting rights. Taking this information into account,
Verevsky’s stake in the authorized capital, including treasury shares, amounts to approximately 21.67%.
Ferrexpo announced that it had reached an agreement on a capital increase on September 3–4 of this year. As of August 28, the company’s cash position had decreased to approximately $26.4 million, and after deducting lease obligations, it stood at approximately $17.8 million, compared to $21 million in the middle of this year and $47 million at the beginning of the year—which was sufficient to keep the company operating only until approximately the end of October.
The Board of Directors believes that the $100 million raised will be sufficient to meet the group’s immediate and short-term operational needs, allowing it to operate at a reduced level for the next 18 months. The funds raised will be used primarily to resume temporarily suspended mining and processing operations in Ukraine, to cover deferred expenses across all operations—including repairs and maintenance—and to maintain financial flexibility given the ongoing uncertainty surrounding operations in Ukraine.
To carry out the recapitalization, the board of directors held negotiations with Fevamotinico, during which the latter objected to an excessive dilution of its shares—below the 45.2% threshold of the authorized capital—even though this would have reduced the risks to Ferrexpo stemming from its ties to Zhevago, who is subject to Ukrainian sanctions. The largest shareholder also stipulated that, as a result of the recapitalization, no one other than Verevsky would hold a stake exceeding 15%.
As for Verevsky, his requirement as the anchor investor was that Ferrexpo refrain from any alternative fundraising through shares or other transactions.
The offering was conducted through an accelerated book-building process, with Panmure Liberum Limited and Peel Hunt LLP serving as joint global coordinators and bookrunners.
Ferrexpo owns a 100% stake in Yeristovsky GOK LLC, a 99.9% stake in Bilanivsky GOK LLC, and 100% of the shares in Poltava GOK PJSC.
Ferrexpo ended the first half of 2026 with a net loss of $14.9 million, which is 13.2 times less than the figure for the first half of 2025. The company’s revenue fell 2.3 times to $196 million.
The London Stock Exchange (LSE) suspended trading in Ferrexpo shares in early May due to the company’s inability to publish its annual financial statements on time, but resumed trading on September 7.
According to the Serbian business publication Parametar, the Adriatic Sea is warming not only near the surface—scientists have recorded an unprecedented rise in temperature in the deep layers of the Southern Adriatic, including at depths of about 1,000 meters.
A study by an international team of oceanographers showed that over the past decade, the temperature of the bottom waters of the South Adriatic Basin has risen by 0.8 °C. At the same time, salinity has increased significantly.
For the study, scientists combined observational data collected since 1957, measurements from deep-sea stations, and data from 15 autonomous buoys of the international Argo system.
Over the long-term period from 1957 to 2024, the temperature at a depth of 1,000 meters increased by an average of 0.088 °C per decade.
However, this process has accelerated sharply in recent years.
According to Argo data, between individual deep-water renewal cycles, the rate of temperature increase at a depth of 1,000 meters was approximately 0.40°C per decade in 2012–2016, 0.67 °C in 2018–2021, and 0.64 °C in 2022–2024.
Another clear indicator of the scale of these changes is the penetration of warm water to greater depths. In the early 2010s, the 14 °C isotherm was located at a depth of approximately 100 meters, but by 2024, water at that temperature had spread nearly to the bottom of the South Adriatic Basin.
Changes were even recorded at a depth of 1,200 meters. During the deep-water turnover in 2022, the temperature there rose by approximately 0.4°C, while salinity increased significantly.
Researchers describe what is happening as an unprecedented warming and salinization of the Adriatic’s deep waters. The observed changes are occurring much faster than predicted by regional climate models with high emissions scenarios.
The Southern Adriatic is of particular importance to the entire sea. It is home to a deep basin reaching 1,200 meters, where the deep water masses of the Adriatic are formed and redistributed.
Therefore, the changes taking place there may affect more than just water temperature. Scientists warn of potential consequences for marine biogeochemistry, water circulation, and living organisms.
For countries along the Adriatic coast—specifically Montenegro, Croatia, Albania, and Italy—this means that climate change in the sea can no longer be assessed solely by the water temperature at beaches in the summer. The transformation affects virtually the entire water column and represents a long-term change in the marine system itself.
A separate study of temperature trends in the Mediterranean Sea also showed that the Southern Adriatic stands out among deep-water regions. In the 700–2,000-meter depth layer, warming of 0.058 °C per year was recorded here between 2013 and 2020—one of the most pronounced rates in the deep layers of the Mediterranean.
Source: Limnology and Oceanography Letters
