News of the freight market as of 04.03.2024

In the Black Sea market, trade remains at a low level. Grain cargoes from Ukrainian ports are gradually declining after a recent slight recovery. Cargo traffic from EU, Turkish and Russian ports remains steadily weak. Most Charterers are trying to reduce rates. However, shipowners are showing resilience and have so far managed to keep freight rates level without a strong drop. In general, freight rates are gradually decreasing.
At the moment, grain transportation from Odessa or Chernomorsk to Egypt is actively discussed. The situation in the region remains tense, and no improvement is expected in March. Despite falling grain prices, there is no significant increase in demand.

The Mediterranean market is experiencing stagnation in cargo movements. Shipments of fertilizers and scrap metal, as well as occasional shipments of agricultural products and steel, are not yet able to revive the regional market. In conditions of low demand for tonnage, shipowners manage to keep freight rates relatively stable.

On the Azov freight market, the situation remains tense due to slowdown of wheat exports to Turkey and other Mediterranean countries. This leads to significant reduction of rates. Shipowners, despite the increasing number of cargo offers in the direction of Caucasian routes, are forced to compromise, although they try to keep rates at the same level.


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