On the 21st week, freight rates in the Azov-Black Sea region continue to decrease. Contracts for a shipment of 3,000 tons of wheat from Azov to Marmara Sea ports are concluded at the level of $ 30 per ton. There are still few cargoes on the market, but we do not notice a sharp drop in freight. Export fees have been reduced for the seventh week in a row, which helps to somewhat correct the situation and enable charterers to conclude contracts even in conditions of low demand.
The export fee on wheat from the Russian Federation from May 24 will amount to 4 644.4 rubles against 4 727.6 rubles per ton a week earlier, the tax on barley will decrease to 1 559.1 rubles from 2 117.8 rubles, while corn will increase to 2 565.8 rubles from 2 364.3 rubles per ton.
In addition, it is worth noting that when calculating rates for the end of June shipments, many shipowners expect a significant increase in freight rates, while charterers are of the opinion that the grain market is unlikely to return to active growth in the coming month. This is due, among other reasons, to the extension at the end of last week of the grain deal for the export of Ukrainian grain for another two months.