News of the freight market as of 28.07.2025

In the Black Sea, the low-tonnage fleet market remains sluggish, despite the favorable price environment for grain and growing interest from North African buyers. Shippers remain restrained, and wheat and barley activity remains low even a few weeks after the start of the new season. At the same time, demand for vessels also remains moderate — most transactions are carried out on a spot basis, and there has not yet been a significant increase in the number of applications. The situation is complicated by the lack of sufficient offers for other types of cargo, including steel and fertilizers. Shipowners are trying to keep freight rates at the levels they have reached, but without a clear increase in cargo flow, there is little chance of strengthening the market. The expected decrease in tonnage supply at the end of July did not have a significant impact on the market, as it mainly concerns other areas. The forecast for the region remains neutral: if the current dynamics are maintained, significant changes are unlikely to occur in the coming weeks.

In the Mediterranean area, the low-tonnage fleet market is also characterized by low activity, despite attempts by shipowners to strengthen their positions. The volume of offers from shippers remains at a low level, especially for key commodity groups — fertilizers, minerals and metals. The deals concluded are mainly based on the conditions of the previous week, which indicates the lack of real growth. Attempts to fix premium rates on individual routes are encountering limited demand and growing competition. The main activity is concentrated in short-term and cheap routes that do not provide stable profitability. Shipowners are still hoping for a revival, but there are no significant prerequisites for this. In the near future, the situation is likely to remain unchanged, unless a new demand factor appears on the market.

The Sea of Azov demonstrates a relatively stable growth in rates against the background of a moderate increase in grain exports. The main driver remains the limited supply of vessels in the range of up to 3 thousand deadweight, especially against the background of weaker activity in the 5-6 thousand tons segment. Shippers are gradually increasing the volume of shipments of wheat and barley, which supports the freight market in operating values. Rates on short routes allow shipowners to reach the operational break-even level, and long routes even ensure profitability. Individual coal transactions are also recorded, but they are episodic and do not form a general trend. The current level of activity allows market participants to maintain confidence in short-term stability. In the future, the situation will depend on the rhythm of new grain shipments and the availability of tonnage on the spot market.