16/08/2023

On the 33rd week, freight rates in the Azov-Black Sea region are rising very rapidly. Thus, contracts for a shipment of 3,000 tons of wheat from Azov to Marmara Sea ports are concluded at the level of USD 50 per ton, which is $8 higher than on the previous week. Such growth is associated with the intensification of grain trade with Turkey, which at the beginning of the month was in no hurry to buy Russian grain in the hope of resolving the situation with the Ukrainian grain deal. Thus, there is a shortage of fleet for spot positions in the region, most offers from shipowners are for the end of August. This situation is due, among other things, to the fact that some shipowners in view of the unstable situation in the Kerch Strait prefer to avoid temporarily the Azov region and choose the ports of the Black Sea for loading. In addition, it is worth noting that this week the export fee on grain exports from Russia has sharply increased. The tax on wheat will be 3712.8 rubles per ton against 2916.1 rubles a week earlier, the fee on corn will increase to 2175.1 rubles per ton from 1759.7 rubles per ton, and the tax on barley, which has been zero for ten consecutive weeks, will be set at 439.6 rubles per ton.