The owners operating in the Sea of Azov have faced a severe freight decline.
According to Rufco shipbrokers, vessels proposals are overwhelming the market at present.
As was mentioned last week, some traders are already on holidays and trade is almost dead by now.
Open vessels are constantly taken on subs in attempts to do sub sale, but without much success.
It looks like the end of this week and the beginning of the next one are going to bring another correction.
This week, freight rates from Rostov to Marmara make $36-38 per ton, freight rates from Yeisk to Marmara arere $34-36 per ton.
Freight rates to the SE Black Sea ports from Rostov make $34-36 per ton, and from Yeisk $32-34 per ton.
The Caspian Sea market is almost holding the position, however trading activities in both steels and agri cargoes are declining.
Freight rates from shipping wheat from Astrakhan to Iran make $48-51 per ton.
Negative temperatures are starting from early January dates (for Astrakhan even earlier). This is expected to prolong voyages duration and provide at least some support to the falling market.
We remind you that the rates cited in the article are average market rates. We ask our readers to pay attention that this information is not a commercial offer and cannot be an example for comparison in commercial disputes and arbitration proceedings