ISM Freight Market Weekly Digest // week 30
International Seaborne Market
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Demand for small-tonnage vessels still looks extremely limited in the Black Sea. Grain traffic is gaining pace too slowly to push rates up, while shipments of other cargoes remain sporadic, providing almost no support. At the moment, the deal for shipment of 3-4,000 t of wheat from Izmail to EC Greece is discussed at $21/t, which is equivalent to around $1k daily bss RV or $1.4-1.5k daily bss dely Sulina entrance redel Greece.
Despite still very poor activity, owners have managed to achieve some gains. Most owners are seeking to get at least $23/t for shipment of 3,000 t of wpb (sf 54-55`) or corn from Rostov/Azov to Marmara, while charterers are already forced to pay minimum $19/t in order to fix a vessel (equivalent to $1.8-1.9k daily vs. $1.3-1.4k daily bss dely Kerch straits redel Marmara).
Fertilizer and steel traffic remains rather regular, but we can hardly expect any shifts in the market sentiment considering long tonnage list. Freight rates stay under charterers’ pressure. Owners' ideas for transportation of 7,000 t of BHF from Egypt Med to Castellon are voiced at around $23/t with spot laycans and 3000x/3000x l/d rates, while charterers offer $20/t, with the TCE closer to $4k daily for one laden leg, but only $1.2k daily bss RV.
The ECSA Handy market continues in a steady fashion, with fairly balanced tonnage/cargo lists. T/A TCT rates for large Handy vessels bss APS ECSA are hovering at $16-17k daily; rates for smaller Handies are voiced at mid-$10s k daily.
The cargo flow is supported by relatively regular shipments of European scrap and fertilizers, as well as of Russian coal. However, the current volumes are insufficient to cover the regional tonnage list and push the market up. Freight rates barely hold steady, with deals sometimes even signed below previous levels.
Supramax/Ultramax owners are showing further resistance in the Asia-Pacific region thanks to livelier coal traffic from Indonesia and adverse weather conditions in SE Asia. A Supramax vessel has been fixed at $15k daily bss dely Vietnam via Indo redel Thailand. In the Handysize sector, the contract for a 32k dwt ship bss dely China redel SE Asia has been concluded at $13k daily.
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Overall situation remains uninspiring
Trends remain pretty mixed
Things looking up for ship owners in both Hemis
No signs of recovery so far predicted on the market
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