During week 21, the Azov–Black Sea region saw a slight correction in freight rates to the level of USD 32 per ton for shipments of 3,000 tons of wheat from Azov to Marmara Sea ports. The market continues to face an excess of vessels with end-May open dates, while the number of cargoes keeps declining. The Russian ruble continues to strengthen, which, together with weak demand, prevents the conclusion of profitable contracts. Export duties on wheat, barley, and corn from the Russian Federation will remain at zero from May 20.
In the Baltic region, freight rates are rising this week. The coaster market remains firm amid the impact of bunker fuel prices on freight rate levels.