On the 22nd week, freight rates in the Azov region continue to grow rapidly. The rate for the shipment of 3,000 mts of wheat from Azov to Marmara sea ports reaches the level of USD 32 pmt.
At the same time, many shipowners, considering the high demand for tonnage, ask for higher rates for their vessels, up to USD 35 per metric ton.

The introduction of a new floating export tax from the 2nd of June has not yet led to a sharp drop in the market, as many players expected. Charterers are actively planning shipments for the month of June and some are already starting to sign contracts for July. It is worth noting that the mechanism of the new floating fee provides for its change every week, as a result of which many contracts will be concluded on the spot market or with very strict laycan dates.

In addition, it should be noted that due to the change in the export fee, this week there is a more active export of wheat, shipments of which were almost suspended in the spring months. Thus, until 8th June, its export rate would be USD 28.1 pmt, while in previous months it had been EUR 59 pmt.
In the case of corn and barley, the current export rate is USD 52.2 and USD 39.6 pmt, respectively. These figures will be valid till 8th June.

Unfavorable weather conditions in the Black Sea, affecting the delay of ships in the Kerch and Bosphorus Straits, combined with the need for spot tonnage, can keep the market from falling sharply until the beginning of the new season.