Freight rates in the Azov–Black Sea region continued to decline during Week 26. The rate for shipment of 3,000 mt of wheat from Azov to Marmara Sea ports is currently estimated at around USD 23–24 per metric ton. At these levels, many shipowners are operating close to breakeven due to high fuel prices. Meanwhile, activity in the grain market remains limited, with only a small number of new contracts being concluded. Market participants are increasingly noting that an early start to the new crop export season is unlikely this year.
Export duties on wheat, barley, and corn from Russia will remain at zero from June 24, as expected.
In the Baltic region, the summer season continues to weigh on trading activity. Demand for tonnage remains weak, and freight rates are gradually declining. For the time being, there are no significant factors indicating a potential market recovery.