News of the freight market as of 06.04.2026

In the Black Sea, the key factor for freight remains the continued decline in the number of firm cargo offers, which increases overall pressure on the market and reduces fixing activity. At the same time, shipowners continue to face high and unstable bunker costs, so they try to hold rates, but in real negotiations they are increasingly forced to make concessions to shippers. An additional influence is the very wide gap in the parties’ views on a fair freight level, so even when there is interest in individual cargo lots, agreeing terms takes longer and is difficult. The sensitivity of voyage economics to the ballast leg, vessel speed and fuel consumption also plays a significant role, making it increasingly difficult to assess the market level against a single benchmark. Demand persists for certain cargoes, but it does not provide sufficient support for a market reversal, as the overall flow of new firm orders remains weak. As a result, shippers retain the upper hand in negotiations, while shipowners operate in a more defensive mode. In the short term, mild downward pressure on Black Sea freight is most likely to persist unless the supply of new cargoes begins to recover more confidently.

In the Mediterranean Sea, freight continues to be affected by sluggish exports of major cargoes, as well as some additional weakening of business activity ahead of the holiday period. At the same time, there is enough available tonnage in the region to serve the current cargo flow, so there is no pronounced vessel shortage that could push the market up. Shipowners still rely in negotiations on bunker price instability, viewing it as one of the main arguments for higher rates. Shippers, in turn, are taking a more restrained stance, so the market remains in a state of diverging expectations. Nevertheless, indicative levels have generally stabilised and are holding for now without any pronounced further decline. The market is supported by the fact that the current cargo volume is generally sufficient for even employment of available tonnage, but without generating a strong upward impulse. In the near term, the most likely scenario for the Mediterranean is sideways dynamics with a risk of moderate softening if cargo activity continues to decline.

In the Sea of Azov, the freight market remains under pressure due to a gradual increase in the number of available vessels, as the previous tonnage shortage is no longer observed. The main driver of change has been the reduction in delays, which has improved fleet turnover and allowed shippers to feel more confident in negotiations with shipowners. At the same time, demand for grain transportation persists, and there is a noticeable increase in requests for rate calculations from river ports, which supports interest in the market and builds a pipeline for the coming period. The cargo base is further affected by changes in export duties: the fiscal burden on wheat has increased, the duty on corn has returned, and the duty on barley has remained at the previous level, which may change shippers’ priorities by crop. Despite the expanding tonnage supply, shipowners are not yet allowing rates to drop sharply and continue to hold the market back from a deeper decline. There is also activity in other cargoes on certain routes, which prevents freight from weakening too quickly. In the short term, a further moderate decline in Azov rates is likely, but it will most likely be gradual, without a sharp market collapse.