02/11/2022

On the 44th week, freight rates in the Azov-Black Sea region have decreased to the level of $80 per ton for the shipment of 3,000 tons of wheat from Azov to Marmara Sea ports. At the same time, it should be noted a strong decrease in the activity of the grain market in the region. This was due to the high level of export taxes, as well as to the expectation by the market of a grain deal arrangement. Most charterers noted that the optimal freight rate for concluding deals this week would be $75-77 per ton. Nevertheless, it must be said that the freight market has not recorded a drop due to other cargoes, such as fertilisers, coal or pellet bran. On Friday holidays began in Russia , so it is unlikely to see a resumption of active trade until Monday, however, the positive development of the situation around the grain deal, as well as a slight reduction in export taxes on wheat, corn and barley, are likely to have a positive impact on the grain market in the region next week.