Black Sea: small-tonnage rates ex Romania and Bulgaria keep climbing up, while those ex Ukraine flat

The cargo flow looks quite stable in the Black Sea. Grain remains the only regularly shipped cargo in the basin.

Market players report limited number of open 3-5k dwt vessels in the area, therefore rates for such shipments from Romanian and Bulgarian ports have inched up again:

• Charterers offer $27/t for shipment of 3-3,500 t of wheat from Constanta to EC Greece given 1,500x/1,000x l/d rates, which is equivalent to $2.9-3k daily bss RV;
• Other traders are ready to pay $24/t for transportation of 3,000 t of barley (sf 54`) from Bulgaria to Marmara given 1,000 sshex bends l/d rates (equivalent to $3-3.2k daily bss RV);
• The rate of $38/t is said to be the best seen from owners for shipment of 3,000 t of meal (sf 58`) from Constanta to Poti;
• The deal for transportation of 3,000 t of barley (sf 53) from Bulgaria to Larnaca has been signed at a rate close to $40/t, which means $3.4-3.7k daily in TCE bss RV;
• Meanwhile, charterers offer mere $32/t for shipment of 3,000t of barley (sf 54-55`) from Constanta to Tunisia, which hardly reaches even $2.2k daily in RV TCE, even with very high l/d rates of 3,000 sshex bends;
• As for larger grain stems, brokers suggest low-mid $20s/t for transportation of 10-12,000 t of wheat from Bulgaria to the Adriatic Sea bss 1/1;
• Traders offer around $35/t for shipment of 6,000 t of barley (sf 54`) from Constanta to Tunisia with 1,500 sshex bends l/d rates (equivalent to $3.8-4k daily bss RV);
• The deal for transportation of 6,000 t of corn from Constanta to EgyptMed is discussed at very low $30s/t with 1,500x/1,250x l/d rates (equivalent to $4-4.1k daily bss RV);
• Charterers offer $40/t for shipment of 3-4,000 t of agri products (sf 68`) from Varna to Israel with 1,000 sshex bends l/d rates, which corresponds to mere $28-29/t bss 5,000 t of heavy grains.

Congestions at the Sulina entrance have grown a bit, but rates from the Danube hold steady. Note that current earnings for shipments ex Danube ports could be better than those from the EU only in case of a quick (up to 4 days) passage via Sulina or Bystre, or in case of a non-AWRP vessel:

• Ship owners are still seeking to get at least $45/t for transportation of 5,000 t and $47-48/t for shipment of 3,000 t of wheat from Reni or Izmail to Marmara given 6-7 days of waiting time and AWRP on owner’s acct (equivalent to $3.5-3.8k daily bss RV and $2.3-2.6k daily bss RV, respectively);
• Some charterers have succeeded to fix 6,000 t of wheat from Reni at mere $42/t to Marmara and $53/t to Lebanon given 7 days of waiting time and AWRP on owners acct (both equivalent to $3.5-4k daily bss RV);
• Charterers are ready to pay $49/t for transportation of 3,000 t of barley (sf 54`) from Izmail to Marmara given 1,000 sshex bends l/d rates (equivalent to $2.4-2.6k daily bss RV given an AWRP of $40-45k);
• Meanwhile, other charterers offer mere $46/t for shipment of 3,000 t of wheat from Reni to Izmir with 1,000 sshex bends l/d rates, which hardly reaches even $2k daily in TCE bss RV;
• 3,500 t of meal (sf 56`) are offered for transportation from Reni to Marmara at $50/t, to Mersin at $63/t, given 1,000 sshex l/d rates, 7 days of waiting time and AWRP on owner’s acct (equivalent to $2.2-2.5k daily bss RV for a 4.6k dwcc vessel);
• Charterers offer $53-54/t for shipment of 5,000 t of wheat from Reni to Bari or Tripoli given 1,000x/1,200x l/d rates and mid-April laycans, which hardly reaches even $3k daily in TCE bss RV given 7 days of waiting time and AWRP on owner’s acct;
• Other traders are ready to pay $64/t for shipment of 6,000 t of corn from Izmail to Ravenna with 1,500x/2,000x l/d rates and April 5-12 laycans, which is equivalent to quite strong $5-5.5k daily bss RV;
• The COA for transportation of several 5-6,000 t lots of corn from Ukrainian Danube ports to Alexandria with 1,500 sshex bends l/d rates and 5 April onwards laycans is negotiated at $55-56/t bss 1/1;
• Charterers are ready to pay $45/t for shipment of 3,000 t of wheat from Galati to EC Greece with 1,000 sshex bends l/d rates and early April laycans.

As for traffic ex Turkey, Russia and Georgia:

• Charterers target $21/t for shipment of 2,400 t of steels from Bartin to Constanta with 1,000 sshex bends l/d rates and 6-8 April laycans;
• The deal for transportation of 3,000 t of urea in bb from Poti to Giurgiulesti is discussed at mid-$40s/t with 1,000x/1,250x l/d rates and 3 days of waiting time on owner’s acct;
• 6,000 t of steels are carried from Novorossiysk to Diliskelesi at around $27/t with 1,500c/1,500x l/d rates (equivalent to $5.3-5.5k daily for vessels with no AWRP required and $2k less with AWRP on owner’s acct);
• Meanwhile, the deal for transportation of 3,100 t of pig iron has been signed at extremely strong $33.75/t with 1,000x/1,500x l/d rates and 4-10 April laycans, which is equivalent to $2.7k daily bss RV even in case of AWRP on owner’s acct and exceeds $4k daily for vessels with no AWRP required;
• Charterers offer low $60s/t for shipment of 7,000 t of agri products (sf 57-58`) from Novorossiysk to Morocco given 2,500c/3,000x l/d rates, which means more than $5k daily in TCE bss RV for vessels with AWRP required and $7-7.3k daily for non-AWRP vessels;
• 1,750 t of coal are carried from Kavkaz to Mersin at $70/t given 1,000 sshex bends l/d rates;
• Besides, charterers are ready to pay $55-56/t for shipment of 5-6,000 t of bulk minerals from Kavkaz port to Abu Qir with 2,500c/1,000x l/d rates and 4-7 April laycans.