Another slow week for Mediterranean coaster market

The final week of April has not brought any significant changes to the Mediterranean coaster market picture. As before, the shortage of new cargoes is acute in the basin, while the vessel count is quite large in all tonnage segments. Thus, the situation remains unfavorable for ship owners, who often face difficulties standing their ground. Even the argument about switching to more expensive fuel already in May does not help owners. Deals are often signed at previous levels:

• The contract for transportation of 3,500 t of urea from EgyptMed to Marmara has been concluded at around $21/t bss 1/1 (equivalent to $4k daily for one laden leg);
• Rates for shipment of 4-5,000 t of grains (sf 53`) from EgyptMed to Marghera are voiced by brokers at $29-30/t with 1500x/2000x l/d rates and 1H May laycans (gives the TCE of $5-5.5k daily for one laden leg);
• The deal for transportation of 3.5-4,000 t of cement from Alexandria to Derna is negotiated at around $11/t with 1000/800 fshex l/d rates and bss free DA in Derna port;
• Charterers’ ideas for shipment of 6,200 t of steels from Hereke to Durres are voiced at high $10s/t with 1500x/1500x l/d rates, which gives the TCE closer to $4k daily for one laden leg;
• Owners are seeking to get $22/t for transportation of 9.5-10,800 t of HBI from Misrata to Porto Marghera, while charterers are ready to pay $20/t (gives the TCE of $13-14k daily for one laden leg and about $7.7k daily bss RV vs $12k daily and $6.3k daily, respectively);
• Brokers suggest €19-20/t for shipment of 6,600 t of minerals from Casablanca to ARA ports.