In week 17, a significant decline in freight rates continues to be observed in the Azov–Black Sea region. Contracts for the shipment of 3000 tons of wheat from Azov to the Marmara ports are now being concluded at the level of USD 37–38 per ton. Demand from both Turkish and Mediterranean countries continues to decrease. On the Russian river market, even cabotage shipments are still seeing limited demand due to a lack of interest from major companies.
The export duty on Russian wheat will return to zero as of April 22, compared to RUB 329 per ton a week earlier. Export duties on barley and corn will remain at zero for the second consecutive week.
The Baltic shipping market remains under pressure with freight rates continuing to decline. The number of vessels in spot positions exceeds the volume of available cargoes.