The Black Sea river-sea coaster market saw expectations this week that non–ice-class vessels and ships over 30 years of age may face restrictions on entering the Sea of Azov. This situation will ultimately be clarified by actual icing conditions; however, despite these expectations, freight rates remained stable during the week. On the Azov–Marmara route, freight levels for 3,000 mt wheat cargoes stayed unchanged at USD 32–33/mt, in line with last week. Rates on the Rostov–Marmara route also held steady at USD 34–35/mt, while the Rostov–Mersin route remained flat at USD 51–52/mt.

In the conventional Black Sea coaster market, no change has been observed in reported levels for a considerable period. Freight rates for 5,000 mt steel shipments on the Novorossiysk–Marmara route closed the year at around USD 17–18/mt, while 5,000 mt wheat cargoes were reported at approximately USD 18–19/mt. Owners and brokers active in the market, however, indicated that similar fixtures continued to be concluded at higher levels of USD 20–22/mt.

Freight rates for 5,000–6,000 mt grain shipments from Ukrainian river ports to Marmara remained firm at USD 25–26/mt, with the possibility of a slight upward adjustment. Indeed, this week a 6,000 mt soy cargo with 51 stowage, loading in Chornomorsk and discharging on the eastern coast of Greece, was fixed at USD 29/mt. By comparison, similar cargoes and sizes had been fixed last week at USD 30/mt for discharge on the west coast of Greece, despite a voyage distance two to three days longer.

In the larger tonnage market, the Baltic Dry Index (BDI) entered 2026 on a weaker footing, slipping from 1,889 points to 1,882 points. Although the Panamax segment showed some signs of recovery, overall market sentiment remained flat to negative across all vessel sizes. The Baltic Supramax Index (BSI) also started the year with a decline, falling from 1,162 points to 1,076 points, while time-charter equivalent earnings dropped from USD 14,687/day to USD 13,601/day. On a route basis, average Supramax earnings on the Black Sea–Far East route eased from USD 18,625/day to USD 18,058/day, while US Gulf–Far East returns declined from USD 23,093/day to USD 21,871/day. Far East averages followed the same trend, weakening from USD 12,596/day to USD 11,079/day.

The Baltic Handysize Index also moved lower, declining from 728 points to 685 points, with daily earnings falling from USD 13,112/day to USD 12,329/day. In the Black Sea, Mediterranean, and Continent regions, Handysize earnings entered 2026 under the lingering slowdown of the Christmas period. Daily returns on the Black Sea–Mediterranean route remained steady at USD 9,000/day, while Black Sea–Far East voyages also held firm at USD 13,000/day. In other regions, South America–Continent averages dropped sharply from USD 20,300/day to USD 18,250/day, while the Far East continued to weaken, with daily averages declining from USD 10,565/day to USD 10,160/day.

Following the Christmas holiday, a limited number of sale and purchase transactions were reported. The sole Supramax deal involved the 2012 Japan-built 58K DWT Eleen Eva, which changed hands for USD 17.5 million. In the Handysize segment, the 2012 China-built 35K DWT Sepetiba Bay was sold for USD 11.5 million, while the 2010 Korea-built 35K DWT Bulker Bee 30 fetched USD 11.3 million. No coaster sales were reported this week.

We wish you a good week…