09/08/2023

On the 32nd week, freight rates in the Azov-Black Sea region continued to grow, rising to the level of USD 42 pmt for a shipment of 3,000 tons of wheat from Azov to the Marmara Sea ports. Despite the increase in export taxes on wheat and corn, up to 2,916 rubles and 1,758.7 rubles per ton, respectively, sales of Russian grain to Turkey are quite active. In addition, this week there are more and more requests for Lebanon, Israel and Egypt. Due to the increase in rates and further expectations for market growth, most shipowners prefer to take short voyages in order not to take vessels far from the cargo region, which leads to a significant increase in prices for long-distance shipments.