Sea-river shipping rates ex Azov Sea keep climbing up

摘要

Rate uptrend continues in the Azov Sea despite the fact that export duties on Russian grain are still in force. Note that current sea-river TCEs exceed OPEX by 10-20% and are record-high for 2H May in at least 7 years. With two weeks left until duty cuts, exports of Russian corn and wheat nevertheless continue perking up gradually amid further price growth on the Black Sea market.