As usual, we begin with the river-sea coaster market, where there is still no activity in the Sea of Azov. Theoretical freight levels remained at USD 24/ton for 3,000 tons of wheat on the Azov–Marmara route, USD 26/ton on the Rostov–Marmara route, and USD 47/ton on the Rostov–Mersin route. As we repeat every week, freight rates are expected to jump if the Sea of Azov reopens.

Freight rates for cargoes transported between Ukraine, the Black Sea and the Mediterranean increased again this week. A rate of USD 106/ton was paid for 4,400 tons of soybeans to be transported from Izmail to Lebanon, up from USD 100/ton last week. For 6,600 tons of wheat transported from Reni to Izmir, USD 90–93/ton was paid this week, compared with USD 85/ton last week. Last week, USD 82/ton had been offered for 6,600 tons of wheat to be transported from Reni to Marmara; this figure rose to USD 90/ton this week. As we repeat every week, extra war risk premiums remain at record levels alongside these freight rates, and higher freight does not necessarily translate into higher daily earnings.

Freight rates for shipments known to have taken place between Novorossiysk and Marmara were reported at the same levels as last week. Freight for 5,000 tons of grain on the Novorossiysk–Marmara route remained steady at USD 90/ton. For the Eastern Mediterranean, freight rates on the Novorossiysk–Israel route rose to USD 120–130/ton.

In the larger vessel segments, the Baltic Dry Index (BDI) fell below 3,000 points, declining from 3,128 points to 2,917 points. The decline was generally attributable solely to the Capesize segment. The Panamax and Supramax indices remained stable. The Baltic Handysize Index also continued to decline.

The Baltic Supramax Index (BSI) rose steadily from 1,789 points to 1,814 points. Average daily global time charter equivalent (TCE) earnings accordingly increased from USD 22,619/day to USD 22,929/day.

Turning to Supramax routes, daily earnings on the Black Sea–Far East route declined from USD 25,786/day to USD 25,221/day. A slight decline was also observed on the U.S. Gulf–Far East route, with earnings falling from USD 31,794/day to USD 31,519/day. Far East averages, meanwhile, recovered from last week's sharp decline, rising from USD 20,776/day to USD 21,536/day.

The Baltic Handysize Index (BHSI) continued to decline, falling from 1,007 points to 996 points. Average daily TCE earnings also decreased from USD 18,117/day to USD 17,926/day.

On the safe Black Sea–Mediterranean and Black Sea–Continent Handysize routes, daily earnings remained at USD 15,500/day, while earnings on the Black Sea–Far East route remained at USD 21,000/day.

On the South America–Continent route, earnings recovered this week following last week's decline, with daily earnings rising from USD 25,594/day to USD 26,600/day. Far East averages, meanwhile, declined from USD 17,635/day to USD 17,557/day.

We close once again with sale and purchase activity.

No Ultramax sales were reported this week either.

In the Supramax segment, the 55,000 DWT Japanese-built “New Horizon” (2010) was sold for USD 18.3 million. The 55,000 DWT Vietnamese-built “Prometheus 1” (2012) was sold for USD 19 million.

In the only Handysize sale, the 34,000 DWT Korean-built “Doris” (2011) changed hands for USD 13 million.

No coaster sale was reported this week either.

We wish you a pleasant week ahead.