News of the freight market as of 15.04.2024

Activity in the Black Sea light tonnage market was significantly reduced due to holidays in Muslim countries, which also led to a decrease in Handy-size activity in many working regions. The increased number of Handy-sized vessels in the market allowed charterers to reduce rates to $1000/day and $0.5-1.5/t. Low cargo traffic is forcing shipowners to make concessions. Black Sea freight rates decreased by $0.25-1/t, except for shipments from Ukraine ($0.5-1.5/t down). TCE rate equivalents for the 5-8kt fleet fell below operating costs more often.

Activity is minimal in the Mediterranean due to the Eid al-Fitr holiday, which slowed trade. Indicative rates remain unchanged. Some increase in activity is expected after the return of market participants, but no significant increase in freight rates is expected.

In the Azov Sea, there is also a decrease in activity due to the Eid al-Fitr holiday. Freight rates were under pressure. After the holidays, rates may recover partially, but competition will not allow them to increase significantly.

The holiday period in Muslim countries had a significant impact on the activity of the sea transportation market in the Black, Mediterranean and Azov Seas. The return of market participants after holidays may lead to some increase in activity, but significant growth in freight rates is not expected in the nearest future.

freight rates

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