Black Sea & Med large-tonnage market remains on bottom

Despite slightly more grain offers entering the market this week, freight rates stay on bottom in the Black and Mediterranean Seas amid very long list of vessels open for 2H Jan and early Feb laycans. Moreover, premiums for trips via Ukraine continue melting. At the moment:

• A couple of deals for 33-36k dwt carriers bss dely passing Canakkale via Romania or Bulgaria redel Med have been signed at $7.5k daily;
• Charterers are ready to pay $8k daily bss APS dely EgyptMed redel Ravenna;
• Meanwhile, a 48k dwt Handymax vessel has been fixed at $9.75k daily bss dely passing Canakkale via Ukraine redel Continent;
• The deal for a 46k dwt ship bss dely passing Canakkale via Chornomorsk redel Tunisia has been signed at mere $10k daily;
• The contract for a 33k dwt carrier bss APS dely S.Italy redel Denmark has been concluded at $8k daily.

As for shipments ex WMed:

• An Ultramax vessel has been chartered at $12.5k daily for a clinker run bss dely APS Morocco redel ARAG;
• The deal for a clinker run by a 39k dwt carrier bss dely Algeria redel ARAG has been signed slightly above $8.5k daily.

As for long-haul destinations:

• A 32k dwt ship has been chartered at $10.5k daily bss dely passing Canakkale via Russia redel PG;
• The deal for a 28k dwt vessel bss DOP dely Adriatic redel China has been signed at $10.25k daily;
• Charterers are ready to pay at best $18k daily for a Supramax carrier bss dely passing Canakkale via Ukraine redel China, while rates for similar trips via the EU ports or Turkey are hovering at $14-15k daily.

Voyage-basis rates for premium biz ex Ukraine and Russia still differ greatly:

• Thus, grain traders offer mere $30/t for transportation of 25,000 t of corn from Odesa to Egypt and $38/t to SpanMed given 5,000 sshex bends l/d rates, EWRI and 15 days of waiting times on owner’s acct, which is equivalent to $8-8.3k daily and $10k daily bss dely psg Canakkale, respectively;
• Charterers are ready to pay at best $44/t for shipment of up to 15,000 t of seeds (sf 88`) from Ukraine to the Marmara Sea and $56/t to Mersin with 2,500 sshex bends l/d rates, EWRI and 10 days of waiting times on owner’s acct (equivalent to mere $6.5-7k daily and $9.5-10k daily bss dely psg Canakkale, respectively);
• Meanwhile, other charterers are ready to pay $45/t for transportation of 35,000 t of soya beans from Pivdennyi to ARAG ports with 12,000x/8,000x l/d rates, EWRI and 10 days of waiting times on owner’s acct, which is equivalent to quite strong $21-22k daily bss dely psg Canakkale;
• As for larger stems, the deal for shipment of 50,000 t of wheat from Odesa to Mombasa is negotiated at low $40s/t with 1,000x/5,000c l/d rates and late Jan laycans, which is equivalent to around $20k daily bss dely psg Canakkale (given 7 days of waiting times and EWRI on owner’s acct);
• Transportation of 50,000 t of corn from Chornomorsk to S.China with 8,000 sshex bends l/d rates, EWRI and 10 days of waiting times on owner’s acct is discussed at about $58/t (equivalent to $22-23k daily bss dely psg Canakkale);
• Besides, traders are ready to pay $28/t for shipment of 50,000 t of corn from Ukraine to Israel given 8,000 sshex bends l/d rates, which is equivalent to $16-17k daily bss dely psg Canakkale;
• Brokers suggest high $20s/t for shipment of 60,000 t of corn from Ukraine to SpanMed bss 1/1.

• The deal for transportation of 25,000 t of barley (sf 54`) from Taman to Iskenderun with 8,000x/6,000x l/d rates and Jan 18-22 laycans is negotiated at $19.5-20.5/t (equivalent to $8.2-8.6k daily given EWRI on owner’s acct);
• Meanwhile, up to 30,000 t of wheat are carried from Russia to Mersin at $24.5/t with slightly lower l/d rates;
• The contract for shipment of 30,000 t of wheat from Kavkaz roads to Libya with 8,000x/4,000x l/d rates and EWRI on owner’s acct is discussed at $26.5-27/t (equivalent to $12-13k daily bss dely psg Canakkale).

As for EU grains:

• Traders are ready to pay at best $14.5/t for shipment of 25,000 t of wheat from EC Greece to Salerno with 3,000x/5,000x l/d rates;
• The deal for transportation of 25,000 t of wheat from Bari to Tunisia with 4,000x/2,250x l/d rates has been concluded at around $20/t;
• Charterers offer mere $21/t for shipment of 25,000 t of agri products of different grades (with an average sf 65`) from Constanta to Morocco given 4,500x/3,000x l/d rates and late Jan laycans, which hardly reaches even $6k daily in TCE bss dely psg Canakkale.

As for other cargoes:

• Charterers offer $28/t for shipment of 60,000 t of minerals from Mersin to N.China with 10,000 shinc bends l/d rates and 2H Jan laycans;
• Carrying 30,000 t of HRC from Egypt to Ravenna is estimated by ISM at $15/t given 5,000 sshex bends l/d rates;
• Brokers suggest $10-11/t for transportation of 30-35,000 t of clay from the Marmara Sea to SpanMed with quite high l/d rates.