23/12/2020

On the 52nd week freight rates in the Azov sea region continue their growth, reaching a level of USD 25 for 3000 mts wheat shipment from Azov to Marmara sea ports.

Run-up to the Christmas and New Year holiday period many charterers are in a hurry to ship their cargo, what together with last month bad weather conditions, has let to a shortage of fleet on the market. Many voyages planned for December dates have eventually been moved to January due to vessels delays. It has made difficult to find a suitable vessel and resulted in higher rates from shipowners.

However, due to the lack of a large number of cargoes on the market, many charterers prefer to wait, if they have this possibility, for the freight rates to drop again in the beginning of the new year.

In the Baltic region, the number of tonnage offers has increased this week as many annual contracts are already completed.

Yet, most vessels are at ARAG range, and many shipowners prefer to work in this region rather than go in ballast for cargoes from Baltic Sea ports. It is also observed that over the next two weeks there will be a a lot of fleet offers on the Continent and in the United Kingdom, which may have a positive impact on freight rates.
Baltic dry index continued its growth this week.

In the Black Sea region, it is worth noting the shortage of vessels of 10-20k dwt this week, which has had a major impact on the freight rates’ increase. It is also noteworthy that this week, many shipowners have reduced their willingness to take cargoes to China ports, as rates in the Pacific for Supra and Panamax type have started to fall again.

P.S. New week – new taxes. Following an increase in export duty of up to 30% on sunflowers and rapeseed, Russia plans to impose a tax on soya export. It will also be as high as 30%, but not less than EUR 165 pmt. Currently, soybean exports have not been taxed. It will last from 1 February to 30 June 2021.