News of the freight market as of 24.03.2025

The freight market in the Black Sea remains moderately active. The reduction of import taxes on corn and the potential removal of taxes on wheat in Turkey create a positive outlook. However, limited cargo supply prevents charterers from significantly increasing rates. Spot vessels remain abundant, putting pressure on shipowners. Despite a slight increase in grain transportation rates, deals are concluded at levels close to previous ones. The market remains stable without sharp fluctuations. The expected rise in wheat and corn exports to Turkey may drive higher activity. The forecast remains uncertain, with volatility depending on supply and demand dynamics.

In the Mediterranean, the freight market remains restrained. Improved sentiment in neighboring regions has not led to increased activity. The number of freight requests remains low, and tonnage supply exceeds demand. Shipowners aim to maintain stable rates, but excess vessel availability limits their pricing power. Deals are concluded at acceptable levels, but significant concessions from shipowners are not observed. These limits freight activity growth. The export of grain and fertilizers remains stable, but the slight increase in rates does not exceed the levels of previous weeks. Ahead of the holiday season, a gradual rise in demand is expected, which could support the market.

In the Azov Sea, the freight market remains volatile. Improved weather conditions and an increase in available vessels are causing rate fluctuations. In recent weeks, a slight decline in rates has been recorded. This is due to the growing number of vessels ready to operate in the region. Shipowners have intensified their rate requests for grain and agricultural product transportation, considering the possible removal of import taxes on wheat in Turkey. However, charterers are not yet willing to accept rates above recent deal levels. The market remains stable but shows potential for growth. In the coming weeks, an increase in agricultural export shipments could contribute to market strengthening.