On week 14, there is little activity in deep sea shipments in the Black Sea region. This is due to the fact that most of the charterers bought their products for prices that dropped last week, and are now expecting a decrease in freight rates in order to get more profit, Sea Lines shipbrokers report.
The main cargoes that are currently in transit are government purchases, such as wheat to Tunisia and Libya, or part of large contracts signed last season.
Sea Lines, here is a large number of contracts already signed for the end of May and throughout June, mainly for fertilizers and grain. This was facilitated by a downward trend in commodity prices, as well as forecasts for a decrease in freight rates.
On week 14, freight rates for shipping cargo by 40,000-50,000 dwt bulkers from Novorossiysk declined.
According to Sea Lines shipbrokers, freight rates from Novorossiysk made $20.25 pmt to East Med and $23 pmt to West Med.
Freight rates from Novorossiysk to Casablanca were $30 pmt, freight rates to India amounted to $48.5 pmt.
Freight rates from Novorossiysk to China made $50 pmt.
Please note that the rates cited in this 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.