Spot offer of grain has expectedly decreased to a minimum in the Azov Sea after the export quotas were covered. Despite the fact that some traders keep entering the market with cargoes (they used the opportunity of incomplete customs declaration and also have not yet chartered vessels), relevant volumes are clearly insufficient to stop the downward trend in freight rates.
At present, owners are seeking to get at least $17-18/t for transportation of 3,000 t of wheat from Rostov/Azov to the Marmara Sea, but charterers are actually ready to pay at best $16/t. Carrying 3-5,000 t of grain to Mersin or Lebanon is estimated by ISM at mid-high $20s/t. Note that coal exports somewhat support demand for fleet. Coal traders offer $12/t for transportation of 3,000 t of the cargo from Rostov to TBS, while 3-5,000 t of coal are exported to Iskenderun at mere $20/t. According to rumors, other charterers are ready to pay $25/t for a similar shipment (probably with lower l/d rates). Carrying 2.7-3,000 t of steel scrap from Rostov to the Marmara Sea is estimated by brokers at $20-21/t.
