On the 17th week, freight rates in the Azov-Black Sea region have continued to decrease. Thus, contracts for a shipment of 3,000 tons of wheat from Azov to Marmara Sea ports are concluded on average at the level of USD 46 per ton. The number of transactions is decreasing every week, since the demand for Russian grain from Turkish buyers is extremely low, Ukrainian grain can be purchased much cheaper. According to some reports, the government is pushing Russian shippers not to lower the contract price below $275, despite market conditions.
In addition, from May 1st, Turkey will impose high import tax on key grain crops, which will amount to 130%. This import fee will affect wheat, barley, corn, rye, oats and millet. In this case, there is a high probability that the freight market expects a sharp drop in rates in May.