A moderate increase in freight rates was recorded during the 3rd week in the Azov–Black Sea region. Freight levels for shipments of 3,000 tons of wheat from Azov to Marmara sea ports reached USD 37–38 per ton. Following the New Year holidays, grain trading activity has picked up. Demand is observed both for short voyages and for shipments to Mediterranean ports of Turkey, Egypt, and Israel. The increase in rates was also influenced by prolonged delays in the Kerch Strait and a shortage of spot tonnage in the region.
As of January 14, the export duty on Russian wheat has been set to zero. Export duties on barley and corn also remain at zero levels.
In the Baltic region, charterers are gradually increasing their bids, adding more stability to the market. A steady inflow of new cargoes has been observed during this week. The volume of concluded deals remains sufficient to sustain market activity and prevent a noticeable downturn. In addition, the ice campaign in the Gulf of Bothnia and the Gulf of Finland provides shipowners with additional opportunities to secure higher freight rates.