Charterers of large-tonnage vessels achieve further rate cuts in Black & Mediterranean Seas

Negative sentiment persists in all large-tonnage groups (from Handy to Capes) of the Black Sea market. The market is suffering from quite limited spot activity both from Ukraine and EU ports. Freight rates continue sliding down amid a further increase in Mediterranean tonnage list. Thus:

• Most charterers already target below $10k daily for standard Handysize fleet bss dely passing Canakkale via CVB redel Med, while owners are seeking to get at least $11-12k daily;
• Owners of 32-33k dwt carriers are seeking to get $24-26k daily for inter-Med trips via Ukraine, but most charterers are not ready to pay more than $22k daily; many charterers already offer less  than $20k daily bss dely passing Canakkale;
• A 37k dwt ship has been chartered at mere $13k daily bss dely DOP TurkMed via Bulgaria redel China;
• A couple of deals for Supramax and Panamax front-haul trips (excl. Ukraine or Russia) have been signed at $20-21k daily bss dely DOP EMed;
• The contract for a Supramax vessel bss dely passing Canakkale via Ukraine redel FEast is discussed at $33-35k daily + EWRI + crew bonus;
• Besides, a Panamax carrier has been chartered at $17k daily bss DOP dely EMed via CVB & Iran redel Port Said.

As for voyage-basis trips ex Ukraine:

• Several traders are ready to pay $40-41/t for transportation of 25-30,000 t of wheat from POC to Alexandria with 8,000x/5,000x l/d rates, while owners are seeking to get at least $43-44/t (equivalent to $24-25k daily vs. $28-29k daily bss dely psg Canakkale in case the EWRI + crew bonus amount to $180-200k);
• Meanwhile, some charterers offer mere $38/t for shipment of 30,000 t of corn (sf 50-51`) from Odesa or Chornomorsk to EgyptMed given 7,000x/5,000x l/d rates and 15-20 November laycans, which is equivalent to $23-24k daily bss dely psg Canakkale in case the EWRI + crew bonus amount to $200-220k and $2.5-3k daily less in case of $250-270k);
• The rate of $47/t has reportedly been the best seen from owners for transportation of 28,000 t of wheat from POC to SpanMed given 5,000 sshex l/d rates and 15-20 November laycans, which means $24.8-25.3k daily bss dely psg Canakkale in case the EWRI + crew bonus amount to $180-200k;
• 22,500 t of wheat is carried from POC to the Italian Adriatic at mid-high $40s/t;
• The deal for shipment of up to 30,000 t of wheat from POC to Aveiro has been reportedly signed at $44/t, which means $25-26k daily bss dely psg Canakkale in case of good l/d rates;
• As for bigger lots, traders already target below $60/t for transportation of 60-67,000 t of corn from POC to S.China, while owners are seeking to get at least $61-62/t (equivalent to $29-30k daily vs. $32-33k daily bss dely Port Said in case of $600k of EWRI + crew bonus);
• Charterers target $40-41/t for shipment of 50,000 t of corn from POC to ARAG ports bss 1/1.

As for other cargo flows:

• Grain traders are ready to pay at best $17/t for shipment of 30,000 t of wheat from Constanta to Alexandria with 8,000x/5,000x l/d rates, which hardly exceeds $11k daily in TCE bss dely psg Canakkale;
• The deal for transportation of 27,500 t of wheat from CVB to Tunisia is discussed at high $20s/t with 7,000x/2,250x l/d rates, which is equivalent to $11-12k daily bss dely psg Canakkale;
• Brokers suggest low $20s/t for shipment of 30,000 t of wheat from Novorossiysk or Kavkaz roads to EgyptMed;
• Carrying 35,000 t of coal from Diliskelesi to Ravenna with 10,000 sshex bends l/d rates is estimated by ISM at $12-12.5/t;
• Owners are seeking to get at least mid-$40s/t for shipment of 28,000 t of fertilizers from Ashdod to Santarem given 8,000x/4,000c l/d rates and 12-15 November laycans;
• The deal for transportation of 41-42,000 t of urea from Arzew to Aratu + Paranagua is discussed at mid-high $20s/t bss 1/2 with 7,000x/5,000c l/d rates and 3-6 November laycans (equivalent to $12-12.5k daily bss dely DOP WMed);
• Shipment of 40-50,000 t of coal from Taman to Morocco is estimated by ISM at $17-18/t.