21/02/2024

On the 8th week freight rates in Azov-Black Sea region continue to decrease. Freight rate for 3000 mts of wheat from Azov to Marmara sea ports is around USD 43-44 pmt. The fall in freight rates continues mainly due to low demand from Turkish buyers. According to information from major Turkish exporters, warehouses are filled with TMO wheat, and the price continues to fall, which creates unfavorable conditions for purchasing wheat from Russian suppliers. Exports of by-products from Azov Sea ports are more active, but against the background of falling demand, charterers, if possible, prefer to wait for a more acceptable level of freight rates, at the level of high 30s-low 40s.
As for the export fee, this week it fell for all three cargoes. Thus, the duty rate for wheat exports from Russia from 21 February will be 3,952.9 rubles, the duty on barley will be reduced to 190 rubles and on corn to 1,083.5 rubles pmt.