News of the freight market as of 27.04.2026

In the Black Sea, the freight market remains under pressure due to weak trading activity in major cargoes, especially grain and fertilisers. Shippers are gaining more room for negotiation, as the supply of firm cargoes remains limited and the list of open tonnage continues to grow. At the same time, shipowners are still avoiding a sharp cut in rates, relying on the ongoing uncertainty around bunker costs and on certain more profitable lots. One-off shipments of steel, minerals and some other cargoes provide additional support, but they do not change the overall weak picture of the market. On short routes the pressure is more noticeable due to an acute shortage of grain offers, while on certain long-haul voyages shipowners are still trying to maintain better economics. Overall, the market looks unbalanced: there is more tonnage, but not enough stable cargo flow. In the short term, a further moderate decline in Black Sea freight is most likely unless shippers start forming new lots more actively.

In the Mediterranean Sea, the coaster market remains moderately weak: there are few new cargoes, and shippers find open vessels without significant difficulty. This increases pressure on freight, as shippers increasingly voice lower ideas and test shipowners’ willingness to make concessions. Bunker volatility is still shipowners’ main argument, but in a softer market this factor no longer allows them to confidently hold previous levels. Activity persists for individual lots of agricultural products, minerals and steel, but the overall cargo flow remains insufficient for an upward market reversal. The wide gap between the parties’ expectations is widening again, so fixtures are concluded selectively and with tense negotiations. Pressure on shipowners is further increased by the growth of tonnage in open positions. In the near term, weak conditions are most likely to persist in the Mediterranean, with the market gradually shifting in favour of shippers.

In the Sea of Azov, the situation looks most clearly negative for shipowners, as trading activity remains weak and the list of open river-sea vessels continues to grow. Shippers are confidently pushing rates down, taking advantage of the tonnage surplus and the absence of strong demand for grain shipments. An additional pressure factor has been the reduction in delays in the Kerch Strait, which has accelerated fleet turnover and brought more available vessels to the market. Demand from grain buyers remains restrained, and the Russian river market is also not providing sufficient support due to weak interest from large companies. The zeroing of export duties on major crops has not yet led to a rapid revival in cargo flows, so the effect on freight remains limited. Coal activity also does not look sufficient to offset the weakness of the grain segment. In the short term, a further decline in Azov freight is likely if the growth of available tonnage continues to outpace the recovery of demand from shippers.