News of the freight market as of 18.08.2025

In the Black Sea, the freight market for shipowners remains under pressure from low activity. Despite the gradual revival of demand for grain from individual countries, the main volumes of transportation are carried out by large-tonnage vessels, which limits the capabilities of shipowners in the small-tonnage fleet segment. Shippers are still cautious, locking in only limited shipments, and often leave the market in the absence of suitable conditions. Some recovery is noticeable in steel shipments, but exports of fertilizers and other raw materials remain weak. At the same time, the reduction in the number of vessels in individual segments has not yet had a significant impact on the overall balance. The situation is characterized by an oversupply of tonnage and weak cargo traffic, which makes shipowners’ positions vulnerable. There are no prerequisites for a sharp increase in rates in the near future, but the start of a new grain export season may give the market a moderate boost.

In the Mediterranean, the situation also remains unfavorable for shipowners, as shippers offer only limited shipments of grain, fertilizers and steel. The total volume of requests is low, and the number of available vessels is significant, which reduces the opportunity for bid increases. Even with regular transactions, conditions are fixed, which are often inferior to previous levels. Many shippers prefer to wait for more profitable opportunities, which further increases the pressure on the market. Despite the rare shipments involving mineral raw materials and construction goods, steady demand has not yet been observed. Against the background of such high competition between shipowners, the latter are forced to accept compromise terms. No significant changes are expected in the short term, and the market is likely to maintain its current weak momentum.

In the Sea of Azov, the situation is the opposite: there remains a pronounced shortage of the fleet, which allows shipowners to strengthen their positions. Prolonged delays related to passage of the straits and weather conditions further exacerbate the shortage of tonnage. Shippers with solid shipments are forced to make concessions, as alternatives are extremely limited. Grain supplies from river ports are particularly active, which increases competition for available tonnage. Even with downtime, the profitability of shipowners remains at a solid level, which supports optimism in the market. At the same time, transportation of coal and other goods recedes into the background, as they cannot compete with grain flows. In the coming weeks, there remains a high probability of further strengthening the positions of shipowners, as the number of available vessels is unlikely to increase.