Trade brisker on BlSea & Med Handysize market, most rates firming up

The cargo offer looks somewhat brisker in the Black Sea this week, particularly in the segment for Handysize grain shipments. Freight rates on most routes have inched up amid limited list of open vessels in EMed. However, charterers so far successfully keep voyage-basis rates ex Ukraine stable (mostly thanks to a further decline in EWRI rates). Thus:

• Exporters are ready to pay $32-33/t for shipment of 30,000 t of corn from Chornomorsk to SpanMed with 8,000x/7,000x l/d rates and 15-20 March laycans, which is equivalent to $19-20k daily bss dely psg Canakkale in case of $150k of EWRI;
• The deal for transportation of 25,000 t of agri products (sf 58`) from Pivdennyi to the French Atlantic + Liverpool given 6,000x/5,000x l/d rates is discussed at mid-$50s/t bss 1/2, which gives the TCE of $17.5-18.5k daily bss dely psg Canakkale in case of $150k of EWRI;
• Charterers target $32-33/t for shipment of 30-34,000 t of corn + barley from POC to Libya with 7,000x/3,250x l/d rates and mid-March laycans, which means $16-17k daily in TCE bss dely psg Canakkale in case of $150k of EWRI;
• Traders are ready to pay up to $35/t for transportation of 27,500 t of barley (sf 54-55`) from Chornomorsk to SpanMed with 5,000x/4,000x l/d rates, which hardly reaches even $14k daily bss dely psg Canakkale in case of $150k of EWRI;
• Meanwhile, owners have succeeded to get very strong $38.5/t for shipment of 28-29,000 t of barley from POC to SpanMed with 8,000x/7,000x l/d rates, which exceeds $22k daily in TCE bss dely psg Canakkale;
• Charterers target $29-30/t for transportation of 25-30,000 t of corn from Chornomorsk or Odesa to EgyptMed with 5,000x/4,000x l/d rates, which is equivalent to $12-13k daily bss dely psg Canakkale in case of 150k of EWRI or to $14-14.5k daily in case of $90-100k of EWRI.

As for front-haul traffic ex Ukraine:

• The deal for shipment of 50-55,000 t of wheat from POC to Bangladesh is discussed at low $60s/t (equivalent to $28-29k daily bss dely psg Canakkale in case of $400k of EWRI for calling Ukraine + passing the Red Sea);
• Transportation of 65,000 t of corn from POC to S.China is negotiated at very high $50s/t;
• Carrying 20,000 t of corn + barley from Chornomorsk to Jeddah with 2,500 sshex bends l/d rates and 15-20 March laycans is estimated by ISM at low $70s/t.

The offer of Russian grain looks quite active as well:

• The deal for shipment of 30,000 t of wheat from Taman to Algeria with 8,000x/2,500x l/d rates is discussed at very high $20s-30/t, which gives the TCE of $16-17k daily bss dely psg Canakkale for vessels with no EWRI required and $2k less in case of $70k of EWRI;
• Carrying 27,000 t of wheat from Kavkaz roads to Alexandria with 4,000 sshex bends l/d rates is estimated by ISM at mid-$20s/t;
• Brokers suggest $21/t for transportation of 30,000 t of wheat from Novorossiysk to Iskenderun with 7,500x/5,000x l/d rates and late March laycans;
• Charterers are ready to pay $57/t for shipment of 30,000 t of barley from Novorossiysk to Jebel Ali + Doha with an 8,000x loading rate and 20-30 March laycans, which is equivalent to $20-21k daily bss dely psg Canakkale for vessels with no EWRI required and $2k less in case of $70k of EWRI;
• Transportation of 30,000 t of wheat from Tuapse to Dakar is discussed at very low $30s/t given 11,000x/4,000x l/d rates and late March laycans.

In the segment for EU grains:

• Charterers target $26-27/t for shipment of 25,000 t of wheat from CVB to Tunisia with 8,000x/2,000x l/d rates and mid-March laycans, which means $12-13k daily bss dely psg Canakkale;
• The deal for transportation of 30,000 t of wheat from Constanta to Algeria with 8,000x/2,500x l/d rates and April laycans is negotiated at $24-25/t, which is equivalent to $13-13.5k daily bss dely psg Canakkale;
• Traders offer $27/t for transportation of 30,000 t of corn from CVB to Ponta Delgada + Praia da Vitoria given 6,000x/5,000x l/d rates and late March laycans, which means $12-12.5k daily in TCE bss dely psg Canakkale;
• Brokers suggest around $50/t for shipment of 50-55,000 t of wheat from Constanta to Indonesia bss 1/1.

As for other cargoes:

• 29-30,000 t of HRC are offered for shipment from Alexandria to Marina-di-Carrara + Sagunto at $17.5/t with 4,000 sshex bends l/d rates, which hardly reaches even $8k daily bss DOP dely EMed;
• Besides, charterers target $22/t for transportation of 20,000 t of HRC from Alexandria to Ravenna with 2,000x/2,500x l/d rates, which is equivalent to $7.5k daily bss DOP dely EMed;
• Carrying 30,000 t of coal from Taman to Antalya with 25,000c/6,000x l/d rates and late March laycans is estimated by ISM at $17-18/t;
• Brokers suggest low $20s/t for transportation of 23,000 t of HBI from Misurata to Bilbao given 8,000x/5,000x l/d rates;
• Charterers offer $52/t for shipment of 35-40,000 t of soda ash from Marmara to Mundra + Kattupalli bss 1/2 given 5,000c/3,500c l/d rates and 14-20 March laycans, which is equivalent to $24-25k daily bss dely DOP Marmara;
• Transportation of 32-35,000 t of salt from Sfax to TBS with 6,000c/8,000x l/d rates is estimated by ISM at low-mid $10s/t, while shipment of 25,000 t of sulfur from Kavkaz roads to Abu Qir is quoted at high $20s/t with 5,000c/3,000x l/d rates and 25-31 March laycans.

Handysize TCT rates have inched up, while Supra market looks bearish:

• Most owners of 32-35k dwt vessels are already seeking to get $12-13k daily for inter-Med trips bss dely passing Canakkale (Ukraine and Russia excl.), while most charterers target up to $11k daily;
• However, some traders are already bidding at $11.5k daily bss dely passing Canakkale via CVB redel Algeria;
• The deal for a standard Handysize carrier bss dely EMEd redel ECSA is discussed at $9-9.5k daily;
• Supramax front-haul rates bss dely passing Canakkale (via Suez) are hovering at $25-27k daily;
• A couple of deals for Ultramax ships bss dely EMed redel WAfr are still negotiated at $14-14.5k daily.