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Glogos Freight Report Week 40

Region: Russian River, Azov / Black Sea, Caspian

Trade: Coaster shipments

There were small changes on freight markets of the Azov and Caspian regions week 40. The rates in Azov Sea kept the level of last week, but increased in the Caspian. Nowadays workable freight rate for voyage ex Rostov to Marmara reached USD 32 pmt of wheat, and amounted USD 56 pmt of barley basis Samara – Iran. This is 1 USD more, than previous week.

First of all, market participants connect the stable state of Azov region with introduction of additional tests for excluding infected grain and procedure of complete (not prophylactic) fumigation due to complaints about unsatisfactory grain quality on the part of top importing countries. The analysis of wheat takes about 7 days. Vessels won’t be allowed dispatching the grain from ports without such documents. In this context many Exporters had taken wait-and-see attitude, and didn’t transport new parcels. As there is no conversations about the abolition of these researches, Ship Owners have already noted that the amount of cargo is decreasing in the region, which means that rates may begin to fall in the near future. Moreover, for the same reason, voyages from the ports of Azov basin to countries where bacteriological analysis of grain is not necessary, become more popular among Ship Owners, as well as long-distance hauls to the Adriatic, which take more time. Ship Owners suggest by the time that they will return to the Azov Sea, phytosanitary certification of grain cargoes can be canceled.

Traders noted a slowdown of export pace to the Turkey. Firstly, they find the reason of this in difficult economic situation Republic. Accordingly, a lot of Turkish millers forfeited credit support of banks. American sanctions, outflow of investors and inflation have led to the fact that Turkish buyers are planning extremely-cautious new contracts, as the economic future of the country is too unpredictable. The reduction in number of shipments to the Republic also conduces to the conservation and later decreasing of the freight market in the Azov Sea.

There was a Russian-flagged tonnage deficit in the Caspian region on week 40. As soon as parcels of new corn harvest started to form at the river elevators, the demand for such fleet has increased owing to grain cargo is stored there. Many top Exporters, who are also have own fleet, had chartered most of ships to their needs. Thus, other Traders are forced to agree on higher rates in order to carry out contractual obligations. As a result the freight in the Caspian basin after a long stable period began to grow.