Black Sea coaster market keeps digging in below the logic bottom

摘要

The cargo flow remains extremely sluggish in the Black Sea. Dozens of open vessels stay idle in dead spot for up to 1-2 weeks. Manyowners are ready to work at whatever rate offered in order to have floating assets in hands.Grain offers are extremely rare. Charterers are ready to pay $16/t for transportation of 5.2-5,400 t of bran (sf 54-55`) from Kherson toEgypt with l/d rates of 1,500 sshex bends, which corresponds to $14/t bss 6,000 t of heavy grain and is equivalent to $1.3-1.4k daily bssRV. This offer can now be considered as one of the most interesting for owners of just over 6k dwt vessels, as traders offer at best $13/tfor shipment of 5.5-6,000 t of corn on the same route. A similar cargo lot is carried from Nikolayev to Lebanon at $13.5/t. The deal fortransportation of 5-5,500 t of grain from Bulgaria to EC Greece is negotiated at $10/t. Charterers are ready to pay $13/t for transportationof 12,000 t of wheat from Nikolayev to Libya in early June with l/d rates of 4,000x/2,000x, which barely reaches the equivalent of $2kdaily bss RV. Also, 10,000 t of corn from Constanta to Sicily have been fixed at $11/t. A 5,000 t lot of wheat is exported from Kherson tothe Marmara Sea at mere $9-9.5/t, while charterers offer $8/t for shipment of a similar lot of grain from Berdyansk to TBS. As for smallerstems, traders offer mere $11/t for transportation of 3,000 t of wheat from Varna to eastern Greece.