ISM Freight Market Weekly Digest // week 46
International Seaborne Market
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Activity has declined quite significantly on the Black Sea small-tonnage market amid a further slowdown of grain exports, especially from Ukraine. The list of open vessels continues to grow, putting pressure on freight rates. For instance, charterers offer mere $19/t for transportation of 3,000 t of corn from Izmail to Marmara, while owners are seeking to get at least low $20s/t (equivalent to mere $1.1-1.2k daily vs. $1.6-1.9k daily bss RV or $0.5-0.6k daily more bss dely Sulina entrance).
The Azov Sea market remains depressed, with rates staying under pressure. Slow wheat traffic is still the main problem for sea-river owners. Most charterers target up to $30/t for shipment of 3,000 t of wheat from Rostov/Azov to Marmara (equivalent to up to $2k daily bss RV), while owners are seeking to get at least $31-32/t.
Shipments of urea and steel products from EMed ports have perked up this week, possibly helping ship owners avoid a further decline in rates. However, the general market picture has not changed much: the region remains overtonnaged and still lacks support from other cargo flows. In these circumstances, the WMed area looks the most unfavorable for owners: given the shortage of cargoes, owners are still ready to consider ballasting even to EMed to find an employment.
The tonnage list remains long, while the cargo flow cannot be called brisk: shipments of fertilizers, agri products and scrap are regular, but the general cargo/tonnage imbalance is still present. Rates hold relatively steady. A 35k dwt vessel has been chartered at $12-12.5k daily bss dely Continent redel EMed, while ship owners often voice ideas of about $13k daily on this route.
With completely unfavorable conditions on Ukrainian and EU grain export markets, the offer of firm cargoes for shipments from the Black and Mediterranean Seas keeps decreasing. Longer list of open Handysize vessels allows charterers to push rates down. Charterers are ready to pay max $18/t for shipment of 30,000 t of corn from POC to Alexandria, which means $9.5k daily bss dely psg Canakkale for vessels with no EWRI required or $2k less in case of $50-70k of EWRI.
The USG Handy market remains inactive, with limited number of cargoes around, while tonnage is building up for December laycans. Rates are holding steady for now, but the outlook is cautious as some negative corrections are expected. TCT rates for large Handies bss dely USG redel Skaw-Passero are hovering at $14-15k daily, while levels for small Handies are voiced at very low $10s k daily.
The Supramax/Ultramax market remains unexciting in the Asia-Pacific region as coal traffic from Indonesia keeps cooling down (especially towards India).
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Market mostly continues on softening mode
Rates vary significantly depening on a route
Rates generally stable despite some improvements in Atlantic
Overall situation remains quite inspiring
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