Chartering market at hand // week 21

摘要

The small-tonnage market picture is looking very ambiguous. Despite the gradual end of the grain season, there is still a shortage of vessels open in the Black and Azov Sea ports. Even considering slow grain and coal exports, sea-river rates for shipments ex Russian shallow-water ports have added $2-4/t over the week, while late May TCEs for vessels of about 3k dwt have reached $2k daily for the first time in 7 years (owners’ earnings managed to reach $1k daily back in late May of 2016 and 2017). In the Black Sea and the Mediterranean region, demand for tonnage remains strong thanks to still regular shipments of steel products and minerals. Freight rates have not changed much this week, only those for shipments ex Black Sea ports by up to 5k dwt fleet have grown by $0.5-2/t.