News of the freight market as of 11.03.2024

Shipowners of small-tonnage vessels in the Black Sea continue to face the problem of a shortage of offers on cargoes available for shipment, and this situation has intensified this week. Even though Ukrainian grains are the main cargo on the market, there is a decrease in demand for them. Nevertheless, Ukrainian exporters are steadily raising corn prices this week in line with the global uptrend, which should encourage charterers to intensify shipments with suitable voyage economics. The global commodity index for coal and fertilizer rose slightly. Quotes for imported thermal coal on the Western European market also rose, but spot demand remains almost nil.

In the Mediterranean market shipowners are trying to keep freight rates unchanged, but it is not always successful. During the week, freight rates for key destinations in the Mediterranean Sea decreased by 0.5-1 dollars per ton. There is an increasing shortage of cargoes for shipment in Mediterranean Sea: fertilizers, minerals and ferrous metals; only shipments of steel products – mainly on vessels with capacity of 8-12 thousand tons – rose slightly this week.

On the Azov Sea freight market river-sea fleet owners managed to stabilize freight rates after a rapid fall due to the positive recovery of grain shipments from Russian ports. The moderate upward trend of the week probably will not last long. The overall export picture is inclined toward a reduction in rates and volumes.


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