Tuesday had brought new cargoes to the Sea of Azov market but their total number remains relatively small to start an upward trend.
The good thing here is that the number of spot open vessels is constantly decreasing. Another one is that cargoes like coal have also started to provide support to the market.
However, the recent US dollar rally and the new records in ROE USD / TRY are indeed not helping the freight market and grain trade, according to Rufko shipbrokers.
Another important thing to be considered is that there is a growing demand from buyers for the new harvest despite quite a large stock of the previous crop and thus we might face a lull period or quite a small upward trend until the beginning of July.
Freight rates to the Sea of Marmara from Rostov make $15-16 per ton.
Freight rates from Rostov to SE Black Sea ports are $13-14 per ton.
The Caspian market remains surprisingly active. Various cargoes are quoted from different ports ex Middle and Northern parts of the Caspian Sea and indeed from Russian inland waterways.
Most likely, the key to the situation is strong intentions on the buyers’ part to get their cargoes delivered to Iran and cleared before the end of Ramadan and to get cargoes paid before real sanctions imposed conjointly by the EU and the US come into force.
Current freight rates from Astrakhan to Iran make $31-34 per ton.
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 proceedings.