News of the freight market as of 29.09.2025

Activity in the Black Sea has been gradually increasing in recent weeks, driven by an increase in grain shipments and moderate demand for metal and fertilizer shipments. Despite the increase in requests from shippers, the imbalance in the distribution of the fleet persisted: medium-class vessels remained in short supply, while smaller vessels were represented in excess. Shipowners used the situation to strengthen their positions, seeking a gradual increase in rates. However, shippers sought to contain the growth, which led to lengthy negotiations and a narrow range of agreed terms. Weather factors had an additional impact on the market, slowing down the turnover of the fleet. In the near future, activity is expected to increase due to the launch of a new corn crop on the market, which may support the positions of shipowners and stimulate a gradual strengthening of freight rates.

The Mediterranean Sea showed a more sluggish trend: demand for fertilizer shipments decreased, and new shipments of grain and steel could not compensate for the drop in activity. Despite the decrease in the number of available vessels, this did not lead to a significant change in rates. Shippers formed shipments in small volumes, which reduced the efficiency of voyages and limited profitability for shipowners. At the same time, transactions were concluded at the same levels, and individual directions showed only short-term spikes. Shipowners hoped for a recovery in demand, but so far the market has shown signs of stagnation. The forecast for the region remains neutral: rates will remain at their current positions until additional cargo flows appear.

In the Sea of Azov, the market remained highly tense due to a shortage of the fleet and high demand from shippers for grain transportation. Shipowners continued to strengthen their positions, securing more favorable terms, which led to a gradual increase in rates. An additional pressure factor was delays in the Kerch Strait, which increased flight times and pushed fleet owners to increase requirements. Coal exports remained limited, as participants’ attention was focused on the grain flow. Competition for limited tonnage creates an advantage for shipowners in negotiations, and shippers are forced to agree to less favorable terms in order to maintain delivery schedules. The outlook for the region remains positive: with continued high demand for grain, rates will remain elevated, although excessive growth may limit the number of new deals.