Freight market

摘要

Global CFI keep tending down (another $0.19/t drop over the week), that is quite natural given slow trade and the holiday season inEurope, as well as amid celebration of Eid al-Adha in Muslim countries. This week, the decrease in index has been caused by ongoingdecline in freight rates in the Azov Sea (another $2.35/t down) and the Black Sea ($0.33/t down). Following a decrease in mid-August,the rates have now stabilized in the Mediterranean Sea and Northern Europe, while the TCE for 3,000 dwt coasters currently does notexceed $1k daily bss RV in the Baltic region.The ISM Commodity Index has dropped by 1.5 points in late August primarily due to another slight cut in prices for Black Sea grain.It is worth noting that trade has slowed down in the grain market given long holidays in the MENA countries. However, demand for BlackSea wheat and barley remains rather strong, and most market players do not forecast a further decline in prices. Heavy harvest of maizein Ukraine also plays into shipowners’ hands.Quotes for imported steel scrap have grown further in Turkey, as demand for cargoes was not weakening even during holidaysin the country. At the same time, importers from Europe and the Mediterranean region show very low interest in the CIS-origin finishedand semi-finished steel products, since they expect the prices to move down further.