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Glogos Freight Report Week 25

Region: Russian River, Azov / Black Sea, Caspian

Trade: Coaster shipments

The unstable lira, dropping demand on Turkish flour on the international market coupled with unsure political situation due to forth-coming president election in Turkey – all these factors anchored the freight rates in Azov region to the level of previous week. The average workable level for voyage ex Rostov to Marmara remains USD 19 pmt of wheat.

These days Turkish Traders are not confident in further development of currently favorable business relationship with Russia. So as to avoid concluding contracts, which may turn out to be potentially disadvantageous, most of Turkish Importers prefer to exercise ‘wait-and-see’ approach. As a result, on the 25-th week Azov’s area has seen increasing offer of tonnage with spot opening dates. In addition, Turkish Ship Owners, whose fleet shall open within next two weeks, are actively searching for load options in order to avoid possible vessels idling. This is connected with annual Shipbroker’s dinner at Istanbul, which shall cause a substantial number of market participants to leave their desks for several days.

Grain prices on Russian domestic market have started to decline. Local Farmers consider this to be the consequence of recent improvement of crop forecast in major producing regions after short drought, which could make adverse impact on producers’ yields. A notable interest among the Turkish Importers has occurred towards the winter crops with shipping dates of first two weeks of July, and we expect freight rates hike to follow.

Local Exporters of Volgograd and Samara areas have faced the difficulties with land transportation of their goods to river ports owing to limitations imposed on road traffic during the World Cup period. Nowadays lots of Traders prefer to postpone their shipments so as to evade the most active part of the championship (games are hold almost every day) till the early July, when matches shall be less frequent.

A recent tendency for Ship Owners to consider only short voyages (not farther than Black Sea or Marmara) has grown stronger. Such practice is aimed for catching the moment of rates sharp increase and understandable in the light of high season eve, despite the availability of decent cargo orders to North Africa and West Med destinations.