Black Sea small-tonnage market looks overtonnaged but flat

The tonnage list remains excessive on the Black Sea coaster market, but owners have managed to stop the rate decline. Ukrainian grain is still the only regularly carried cargo:

• The deal for shipment of 6-7,000 t of wheat from Reni or Izmail to Mersin has been signed at mere $35/t, which is equivalent to $2.9-3.2k daily bss RV in case of 7 days of waiting time for vessels with no AWRP required;
• Meanwhile, charterers are ready to pay $37/t for transportation of 6,000 t of corn from Izmail to Alexandria given 1,500 sshex bends l/d rates and late January laycans, which means $3.4-3.5k daily in TCE bss RV;
• Other charterers target $35/t for shipment of up to 10,000 t of corn or wheat on the same route with 1,250 sshex bends l/d rates and late January laycans;
• The deal for transportation of 7,000 t of barley from Reni to Tunisia has been signed at $39/t (equivalent to $3.5-3.7k daily bss RV);
• Up to 7,200 t of wheat are offered for shipment from Giurgiulesti to Lebanon at $35/t given 1,500x/1,200x l/d rates and early February laycans;
• As for short-haul trips ex Danube ports, transportation of 6,000 t of corn from Izmail to Marmara or TBS is discussed at $27-28/t (equivalent to $3.3-3.4k daily bss RV);
• The dal for a similar shipment of about 4,000 t of wheat has been signed at $26.5/t, which gives the TCE of $2.2-2.3k daily bss RV;
• Charterers are ready to pay $46/t for transportation of 3,000 t of sfs (sf 89`) from Giurgiulesti to Tekirdag with 1,000 sshex bends l/d rates and early February laycans, which corresponds to mid-high $20s/t bss 5-6,000 t of heavy grains.

As for cargo traffic from Ukrainian deep-sea ports:

• Traders are ready to pay $37/t for transportation of 6,000 t of corn from Odesa to Lebanon given 2,500x/1,500x l/d rates and early February laycans, which means $2.4-2.6k daily bss RV in case of 70k of AWRP or $3.2-3.3k daily bss RV in case of $40k of AWRP;
• 6,500 t of meal are offered for shipment from Chornomorsk to Israel at around $53/t, which corresponds to $36-37/t bss $9,500 t of heavy grains;
• Charterers offer $37/t for transportation of 11-13,000 t of corn from Odesa to Tunisia with 4,000x/2,500x l/d rates and 5-10 February laycans, which is equivalent to $5.3-5.5k daily bss RV in case of $100k of AWRP or around $7k daily in case of $50k of AWRP;
• 12,000 t of meal (sf 56`) are offered for shipment from Chornomorsk to northern France at mid-$60s/t with 4,000 sshex bends l/d rates, which exceeds $8k daily bss RV in case of $120k of AWRP;
• Other charterers offer mere $37/t for transportation of 2,700 t of soybeans from Odesa to EgyptMed, which hardly reaches even $1.3k daily bss RV in case of $20k of AWRP;
• As for shipments of other cargoes from Ukraine, charterers target $34.5/t for transportation of 10-11,000 t of steel billets from Odesa to Volos with 3,000x/2,500x l/d rates and early February laycans (equivalent to $5.6-5.8k daily bss RV in case of $100k of AWRP).

In the segment for shipments from EU ports, Turkey, Georgia and Russia:

• Charterers target mid-$20s/t for shipment of 10,000 t of wheat from Varna to SpanMed with 5,000x/4,000x l/d rates and early February laycans, which means $4.3-4.4k daily bss RV;
• Brokers suggest $24/t for transportation of 6,000 t of corn from Constanta to Mersin and $25-25.5/t for shipment of 5,000 t of wheat from Bulgaria to Alexandria;
• The deal for transportation of 10,000 t of urea from Batumi to Constanta has been signed at $17/t, which means $4.8-5.2k daily bss RV or $4.3-4.5k daily bss dely Marmara;
• Carrying 6,000 t of steel billets from Novorossiysk to Tunisia is estimated by ISM at mid-$30s/t, while shipment of a 10,000 t stem to EgypMed is quoted at high $20s/t;
• Brokers suggest mid-$30s/t for transportation of 4-5,000 t of steel products from Bartin to Algeria.