Handysize/Supramax levels repeatedly hit new lows in Black Sea & Med

Market activity remains extremely poor in the Mediterranean and Black Seas. Ukrainian grain and Med clinker are the only cargoes relatively regularly offered in the area. Very long list of open vessels leaves no chances for owners to raise freight rates. Moreover, charterers often manage to hit new lows in terms of fixing rates.

On the TCT market:

• Charterers target $4-4.5k daily bss dely passing Canakkale via BlSea redel Med, while Handy owners are seeking to get more than $5k daily;
• A 34-35k dwt vessel has been chartered at $4.5k daily bss dely TurkMed redel Continent;
• The deal for steels and generals run by a 34k dwt carrier bss dely Alexandria redel Haiti has been signed at $5.25k daily;
• Another 34k dwt ship has been fixed at $6k daily for a short trip from SpanMed to Morocco;
• The contract for a 36k dwt Handysize vessel bss APS dely Iskenderun redel USG has been concluded at $6k daily;
• A large Handysize carrier has been chartered at around $5.5k daily bss dely EgyptMed redel ECSA;
• Charterers offer extremely low $6k daily for a front-haul trip by a 32k dwt ship, while a 38k dwt vessel has been fixed at about $9k daily for a trip from Russia to FEast;
• Supramax front-haul rates have already inched down to mere $11-11.5k daily via Suez;
• Rates for Supra/Ultra shipments from Med towards WAfr are already hovering at $7-8k daily, but the deal for a Supramax carrier bss dely passing Canakkale via Russia redel Nigeria has been signed at much stronger $9k daily.

Voyage-basis rates remain under strong pressure as well. In the grain segment:

• 25,000 t of wheat are offered for transportation from Pivdennyi to Alexandria at $12.5/t given 6000x/4000x l/d rates and 23-25 January laycans (hardly reaches even $3k daily in TCE bss dely psg Canakkale even in case of no EWRI), while owners are seeking to get at least $13-13.5/t (means $3.5-4k daily in TCE bss dely psg Canakkale or $4.8-5.3k daily bss dely Sulina);
• Charterers target $15/t for shipment of slightly more than 30,000 t of corn from POC to Israel with 10000x/6000x l/d rates and late January laycans, which reaches $6k daily in TCE bss dely psg Canakkale in case of no EWRI bends;
• Traders offer $14/t for transportation of 25,000 t of corn from POC to Libya, while owners are seeking to get $15-16/t (equivalent to $3.5k daily vs. $4.5-5k daily bss dely psg Canakkale);
• Meanwhile, other charterers are ready to pay quite strong $18/t for shipment of 27,000 t of barley (sf 53`) from Odesa to Libya with 8000x/3000x l/d rates and 20-27 January laycans, which exceeds $6.5k daily in TCE bss dely psg Canakkale;
• The deal for transportation of 30-33,000 t of soybeans from POC to ARA is discussed at mid-$20s/t, which is equivalent to quite strong $10-11k daily bss dely psg Canakkale for vessels with no EWRI required and $2k less in case of $60-80k of EWRI;
• Carrying 25,000 t of soybeans from POC to Dammam is estimated by ISM at very high $30s/t given 8000x/4000x l/d rates and 22-24 January laycans;
• Brokers suggest $12-13/t for shipment of 30,000 t of wheat from CVB to Alexandria with 6000x/4000x l/d rates, which is equivalent to $4.5-5.5k daily bss dely psg Canakkale;
• Charterers offer mere $13/t for transportation of 27-30,000 t of wheat from Novorossiysk to Libya with 7000x/3000x l/d rates and 25-28 January laycans, which gives the TCE of mere $3.5k daily bss dely psg Canakkale for vessels with no EWRI required;
• Brokers suggest $12-12.5/t for shipment of 30,000 t of wheat from Novorossiysk to Alexandria with 8000x/5000x l/d rates and early February laycans.

Speaking of grain shipments in small Handy lots:

• Transportation of 15,000 t of corn from Chornomorsk to Iskenderun is negotiated at $13-14/t given 5000 sshex bends l/d rates;
• 16,000 t of wheat are offered for shipment from POC to Mostaganem and $24.5/t with 6000x/25000x l/d rates.

As for other cargoes:

• The contract for transportation of 48,000 t of pig iron from Odesa to Mobile with 10000 shinc bends l/d rates and 25-27 January laycans has been concluded at $29.5/t (equivalent to quite strong $14.5-15k daily bss dely psg Canakkale in case of no EWRI and $11-12k daily in case of $120-150k of EWRI);
• Charterers target $11/t for shipment of 30,000 t of urea from Damietta to TurkMed and Marmara bss 1/3 given 9000x/5000x l/d rates, while owners are seeking to get at least $12/t (equivalent to $4.5-5k daily vs. $5.4-5.7k daily bss DOP dely EMed);
• Traders offer $14-15/t for transportation of 15,000 t of urea from EgyptMed to SpanMed with 4000 sshexx l/d rates, while owners are seeking to get at least $17/t;
• Brokers suggest $15-15.5/t for shipment of 20-25,000 t of steels from Iskenderun to Ravenna;
• Carrying 50,000 t of coal from Taman to EC India is estimated by ISM at high $20s/t bss 1/1.