Charterers managed to stop Handysize rate growth in Mediterranean Sea

After some hike seen during the last couple of weeks, rates for shipments from EU ports, Turkey, Russia and Mediterranean countries have finally stabilized amid slower activity reported this week. The decline in freights ex Ukraine has stopped as well. The Supramax market looks more uncertain since many front-haul deals are signed via COGH. At the moment:

• A couple of inter-Med deals for 30-35k dwt vessels bss dely passing Canakkale via CVB are discussed at $9.5-10.5k daily;
• Meanwhile, a 37k dwt carrier has been reportedly chartered at very strong $12k daily bss dely BlSea redel WMed;
• Handy rates bss dely passing Canakkale or Marmara via Ukraine redel Med hold steady at $13-15k daily depending on vessel size and specs;
• Charterers target $8.5k daily for a large Handysize ship bss dely EMed redel ECSA, while owners are seeking to get closer to $10k daily so far;
• The deal for a Handysize vessel bss dely BlSea redel Asia has been signed at $16.5k daily (via COGH).

As for larger tonnage:

• A 63-64k dwt Ultramax carrier has been fixed at $25k daily bss DOP dely Morocco redel India (via COGH);
• The deal for a Supramax ship bss dely passing Canakkale via CVB redel Continent is discussed at $12.5k daily;
• Supramax front-haul rates bss DOP dely EMed redel Spore-Japan are hovering at $22-23k daily via COGH and at $26-27k daily via Suez;
• Charterers offer $13k daily for trips to WAfr bss dely APS EMed, while most owners are seeking to get $16-17k daily.

Most voyage grain offers are coming from Ukrainian ports:

• Charterers target $33-33.5/t for transportation of 25-30,000 t of corn (sf 49`) from Odesa to SpanMed with 10,000c/6,000x l/d rates (equivalent to $15.5-16.5k daily bss dely psg Canakkale incl. $9-10k for ETS and in case of $200k of EWRI);
• Other traders are ready to pay at best $23/t for shipment of a similar cargo lot from Chornomorsk to Marmara given 7,000x/5,000x l/d rates, which hardly reaches even 10k daily in TCE bss dely psg Canakkale in case of $200k of EWRI;
• The deal for transportation of 30,000 t of wheat from POC to Algeria with 8,000x/2,500x l/d rates and early March laycans has been signed slightly below $40/t bss 1/1, which is equivalent to $16-16.5k daily bss dely psg Canakkale in case of $200k of EWRI and to $14.5-15k daily in case of $250k of EWRI;
• Traders target $28-29/t for shipment of 27-28,000 t of wheat from POC to Mersin with 8,000x/5,000x l/d rates and 2H February laycans, which gives the TCE of $13k daily bss dely psg Canakkale in case of $200k of EWRI;
• 27,000 t of wheat are carried from Odesa to Tunisia at $38/t, which means $13.5-14.5k daily in TCE bss dely psg Canakkale in case of usual 8,000x/2,250x l/d rates, $200k of EWRI and $50-60k of disbursement in Tunisia;
• Meanwhile, the deal for shipment of 30,000 t of corn (sf 49`) from Chornomorsk to Haifa has been signed at $38/t given 8,000x/6,000x l/d rates and mid-February laycans, which exceeds $20k daily bss dely psg Canakkale even in case of $300k of total EWRI in Ukraine + Israel;
• Charterers are ready to pay at best $40/t for transportation of 25,000 t of corn (sf 49`) from Odesa to ARAG ports with 7,000x/6,000x l/d rates and spot laycans (equivalent to $12.5-13k daily bss dely psg Canakkale incl. $14-15k for ETS in case of $180-200k of EWRI);
• Brokers suggest $38-39/t for shipment of 25,000 t of corn from Pivdennyi to Aveiro with 10,000x/6,000x l/d rates and 20 February onwards laycans;
• Traders offer low-mid $30s/t for transportation of 30,000 t of wheat from Odesa to Casablanca with 10,000x/5,000x l/d rates and 14-23 February laycans, which means $15-16k daily in TCE bss dely psg Canakkale in case of $200k of EWRI;
• As for small Handy stems, charterers offer $26/t for shipment of 15,000 t of wheat from Odesa to Izmir given 4,000x/3,000x l/d rates.

As for shipments of larger cargo lots from Ukraine:

• Carrying 53,000 t of corn from Odesa to Kandla with 12,000x/7,000x l/d rates and 14-23 February laycans is estimated by ISM at low-mid $50s/t;
• Brokers suggest $56-57/t for shipment of 50-55,000 t of wheat from Constanta to S.Korea with 10,000x/7,000x l/d rates, which is equivalent to $29-29.5k daily bss dely psg Canakkale via Suez (incl. $36-37k for ETS and in case of $80-90k of EWRI for passing Red Sea) or $22k daily bss dely psg Canakkale via COGH.
• Meanwhile, some traders have reportedly succeeded to catch a vessel for shipment of 70,000 t of wheat from POC to Indonesia at around $50/t, which is equivalent to mere $26-28k daily bss dely Port Said (via Suez) considering $550-600k of EWRI for calling Ukraine + passing Red Sea.

In the segment for EU and Russian grains:

• The deal for shipment of 30,000 t of wheat from Constanta to Cartagena with 8,000 sshex bends l/d rates is discussed at $18/t, which is equivalent to $11.5k daily bss dely psg Canakkale incl. $21-22k for ETS;
• 30,000 t of corn have been fixed from Constanta to Tunisia slightly below $18/t with a 5,000 sshex discharge rate, which means $11k daily bss dely psg Canakkale (considering $50-60k of disbursement in Tunisia);
• Charterers are ready to pay $24/t for transportation of 25-30,000 t of wheat from Kavkaz roads to Iskenderun with 4,000 sshex bends l/d rates, which is equivalent to $12.5-13k daily for vessels with no EWRI required and $1-2k daily less in case of EWRI on owner’s acct;
• Brokers suggest very high $40s/t for shipment of 55,000 t of wheat from Taman to Dar Es-Salaam with 10,000x/5,000c l/d rates and March laycans, which means $31-32k daily bss dely psg Canakkale via Suez in case of $210-220k of total EWRI for calling Russia + passing Red Sea.

The offer of non-grain cargoes is very limited:

• Charterers target below $12/t for shipment of 30-35,000 t of clay from Marmara to Castellon with 9,000c/12,000x l/d rates and late February laycans;
• Transportation of 30,000 t of WRIC from Iskenderun to Antwerp with 4,500x/5,000x l/d rates and early March laycans is estimated by ISM at mid-high $20s/t;
• Brokers suggest very high $20s/t for shipment of 27-30,000 t of urea from Damietta to Santos and mid-$20s/t for transportation from Arzew to Santos with 7,000x/5,000c l/d rates bss 1/1;
• Up to 15,000 t of bulk salt are offered for shipment from EgyptMed to Ravenna at $17-18/t given 3,500 sshex bends l/d rates, while owners are seeking to get $19-20/t.