Cargo offer for coasters moderate in Mediterranean Sea

The Mediterranean Sea coaster market is looking slightly softer in late February. The number of fresh cargoes is small, which particularly applies to fertilizer shipments from Egypt. Despite existing requests for transportation of steel, minerals, and agricultural products, the regional tonnage list is sufficient to cover the current cargo offer. In these circumstances, charterers are no longer willing to accept shipowners' terms and are trying to drive down freight rates. Often, deals are even being signed slightly below previous levels:

• The deal for transportation of 5,500 t of urea from Arzew to the French Med has been signed at around $25/t, which gives the TCE of $5.8-6k daily for one laden leg;
• Rates for shipment of 5,000 t of minerals from EMed to the Continent are voiced by brokers at low-mid $50s/t;
• Carrying of 3-7,000 t of salt from Egypt to the Danube is quoted by brokers at $25/t;
• A 5,800 t lot of steels has been fixed from Iskenderun to Elephsis at around $25/t, which is equivalent to $6k daily bss RV;
• Charterers  ideas are still $12-14/t for transportation of around 5-8,000 t of barley from Mersin to Famagusta;
• Shipment of 4,000 t lot of steels from Aliaga to EgyptMed is discussed around $20/t (equivalent to $2,5-2,8k daily bss RV);
• A 4,000 t lot of steels has been fixed from Marmara to Romania at $15/t bss 1/1;
• Brokers suggest $15/t for shipment of 3,750 t of steels from Marmara to Bulgaria, which is equivalent to $3.5k daily for one laden leg;
• A 4,000 t lot of minerals has been fixed from Tunis to Egypt at $20/t;
• The contract for transportation of 4,000 t of salt from Tunis to Bulgaria has been agreed at $22/t bss 1/1 (equivalent to $3-4k daily for one laden leg).