Week 24 saw a slight decrease in freight rates in the Azov-Black Sea region, reaching around USD 25 per ton for the shipment of 3,000 tons of wheat from Azov to Marmara Sea ports. Demand for both wheat and most minor crops remains consistently low in Turkey as well as across the Mediterranean region. The number of shipments from river ports for June dates also remains extremely limited. Most charterers are awaiting the start of the new grain season, expecting a recovery in demand, while also hoping for a weaker ruble, which could facilitate the conclusion of more competitive export contracts. Export duties on wheat, barley and corn from Russia remain at zero as of June 10.
In the Baltic region, the shortage of fresh cargo inquiries continues to put pressure on the market, resulting in a further decline in freight rates.