Azov sea-river market rapidly softening, with plenty of cancellations reported

摘要

After an incredible growth in late Nov-early Dec, sea-river rates have started sliding down just as rapidly in the Azov Sea amid a noticeable decline in Russian grain exports, primarily to Turkey. Thus, demand from Turkish buyers has decreased considerably given ongoing weakening of the Turkish lira, as well as due to a significant increase in wheat prices seen in late Nov. Moreover, the commodity market excitement has eased amid reports that export quota for Russian grain after Feb 15 will be as much as 14 mln t, including 9 mln t of wheat. The number of new grain offers for 2H Dec has decreased, while the tonnage list is getting longer. Market players report plenty of cancellations from charterers.