On the 38th week, there is again a drop in the level of freight rates in the Azov-Black Sea region. Thus, deals for a shipment of 3000 mts of wheat from Azov to Marmara are concluded at the level of $ 43 per ton. Despite the reduction of the taxe on wheat last week, most shippers are unable to conclude contracts for this crop.
The Turkish partners are not ready to buy wheat at the available prices, which is due, among other things, to the poor dynamics of the lira exchange rate, as a result of which most charterers prefer to send other crops. At the moment, barley and peas are especially popular. In addition, there are more and more goods with big stowage on the market, such as meal or bran. Another important factor of the reducing shipments to Turkey this week is the imminent entry into force of the Turkish government’s decision to abolish import fees on a number of cereals.
Due to this, many Turkish companies decided to postpone the conclusion of new contracts. At the same time, it should be noted that due to the complexity of concluding contracts with Turkish buyers, the number of requests and shipments to other destinations, such as Egypt, Cyprus and Italy, has increased.