15/03/2023

On the 11th week, freight rates in the Azov-Black Sea region began to fall. Thus, the rate for a shipment of 3,000 tons of wheat from Azov to Marmara Sea ports this week is at the level of $ 64 per ton. The drop is due to the fact that the market continues to trend towards a decrease in the number of cargoes, while there are more and more open vessels for the end of March. Despite the fact that the export tax decreased for the first time since January 25th, reaching the level of 5,344 rubles per ton of wheat, 3,016.6 rubles per ton of barley and 2,615.3 per ton of corn, sales contracts are concluded with difficulty. Both in Turkey and in other classic grain export destinations from the Azov Sea, there is a drop in demand. At the moment, charterers are counting on a freight rate of $60 per ton to conclude contracts. In addition, it is worth noting that this week it was announced the extension of the grain deal for the export of grain products from Ukranian Black Sea ports, which with a high degree of probability will get grain prices even lower.