Coaster rates sliding down in Black Sea, especially those ex Russian ports

Trade is relatively steady in the Black Sea, with grain being the only regularly offered cargo. Amid slightly more open vessels for Dec dates and shorter congestions at Sulina entrance (up to 80 vessels are waiting inbounds compared to almost 100 a week ago), charterers continue to successfully insist on lower rates.

As for the Danube traffic:

• Traders are ready to pay $78/t for shipment of 6,000 t of corn from Izmail to Egypt, while owners are seeking to get more than $80/t, which is equivalent to $8-8.5k daily vs. $8.5-9k daily bss RV given AWRP and 7-8 days of waiting times on owner’s acct or $1k daily less with 12 days on owner’s acct);
• Other charterers offer mere $69-70/t for transportation of 6,500 t of wheat from Reni to Mersin or Lebanon (equivalent to around $7k daily bss RV given AWRP and 8 days of waiting time on owner’s acct);
• As for short-haul trips, some charterers offer well less than $60/t for shipment of 5-7,000 t of wheat from Reni to the Marmara Sea, while another similar deal is negotiated at $61-62/t (equivalent to 7$.3-7.6k daily bss RV given AWRP and 8 days of waiting time on owner’s acct);
• Charterers offer mere $60-61/t for transportation of 3,000 t of barley (sf 53-54`) from Reni to the Marmara Sea;
• Up to 4,000 t of soya are carried from Reni to Nemrut Bay at $65/t;
• Charterers are ready to pay high $40s/t for shipment of 5,000 t of corn from Galati to the Marmara Sea.

Grain offers within the Ukrainian export corridor remain sporadic:

• Charterers offer $90/t for shipment of 6,000 t of meal (sf 60`) from Odesa to Ravenna with 2,000 sshex bends l/d rates given AWRP and 14 days for JCC inspection on owner’s acct, which corresponds to low-mid $70s/t bss 7,500 t of heavy grain and is equivalent to $6.8-7.2k daily bss RV;
• Brokers suggest low $70s/t for transportation of 10-12,000 t of corn or wheat from Odesa or Chornomorsk to EMed bss 1/1 given AWRP and 10-12 days of waiting times on owner’s acct;

As for cargo flows from the EU ports and Turkey:

• Traders are ready to pay $25-26/t for transportation of 10,000 t of corn from Varna to the Marmara Sea, which is equivalent to $9-9.5k daily bss RV;
• The deal for shipment of 8,000 t of SFS (sf 88-90`) from Constanta to Mersin is discussed at $45/t given 2,500 sshex bends l/d rates, which is equivalent to $9k daily bss RV;
• 3,000 t of minerals are carried from Varna to the Marmara Sea at $28/t;
• Charterers are ready to pay up to $30/t for transportation of 3,000 t of bagged salt from Bulgaria to Izmail or Reni given 1,000 sshex bends l/d rates;
• The contract for shipment of up to 3,700 t of steels from Bourgas to the Marmara Sea has been concluded at $27/t;
• Transportation of 5,000 t of copper concentrate from Bartin to Aviles is discussed at high $80s/t bss 1/1.

Rates ex Russian ports have shown the most significant downturn, following the Azov market trend:

• Thus, 5,000 t of pig iron are carried from Novo to Bartin at $29/t, which is equivalent to $8-8.5k daily bss short inter-BlSea RV for vessels with no AWRP required and up to $4.5k daily with AWRP on owner’s acct;
• The deal for transportation of 5,000 t of wheat from Novo to the Marmara Sea is negotiated at low $30s/t;
• Meanwhile, owners have succeeded to get high 430s/t for shipment of 5,000 t of urea from Novo to the Marmara Sea;
• Charterers are ready to pay up to $50/t for transportation of 5-10,000 t of WRIC from Novorossiysk to Damietta with CQD terms.