BlSea large-tonnage market extremely dull due to Posidonia week
As expected, trade has decreased to a minimum on BlSea & Med Handysize/Handymax and Supramax markets amid the Posidonia week. In these circumstances, charterers continue to lower rates, especially time-charter ones:
A couple of inter-Med deals for 30-32k dwt carriers are negotiated at $16-16.5k daily bss dely passing Canakkale;
Charterers offer mere $21-22k daily for a Supramax vessel bss dely passing Canakkale via BlSea redel Spore-Japan, while owners are seeking to get at least $25k daily.
The drop in voyage-basis rates is restrained only by another surge in bunker prices:
The deal for shipment of 55,000 t of steel rebars from Turkey to Singapore bss 1/2 is negotiated at low $50s/t bss FILO (equivalent to $23-24k daily bss dely DOP EMed);
Charterers offer mere $15/t for transportation of 25,000 t of wheat from Constanta to the Marmara Sea and $21/t to EgyptMed given 6,000x/4,000x l/d rates and June 16-20 laycans (equivalent to mere $12k daily bss dely psg Canakkale);
The deal for shipment of a Handy lot of wheat from Constanta to Algeria given 8,000x/2,500x l/d rates and mid-June laycans has been signed at mid-$30s/t;
Owners are seeking to get at least $40/t for transportation of 30,000 t of steels from Mostaganem to Klaipeda given 4,000 sshex l/d rates and 2H June-1H July laycans;
The level of $170/t is so far considered as the best seen from owners for shipment of 14,000 t of bulk concentrates from Burgas to Walvis Bay given 3,000c/3,000x l/d rates.
Rates ex Russian ports have also decreased, but they are still at least $7-8k daily higher in TCE:
About 20-21,000 t of wheat are carried from Taman to Mersin at low $30s/t;
The deal for shipment of 15,000 t of wheat from Novo to Cadiz with 6,000x/5,000x l/d rates is discussed at low-mid $50s/t.