The river-sea coaster market saw the Sea of Azov remain closed this week as well. For record-keeping purposes, theoretical freight levels continued to be assessed 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, if the Sea of Azov reopens, these freight rates can be expected to rise rapidly.

Freight rates for cargoes transported between Ukraine, the Black Sea and the Mediterranean continued to rise amid the risks. This week, USD 100/ton was quoted for a 7,000-ton wheat cargo from Izmail to Egypt. Izmail–Bari was seen at USD 111/ton. For a 3,000-ton corn cargo to be transported from Izmail to Marmara, USD 78/ton was quoted. For 5,000–6,000 tons, around USD 55/ton can be considered on the same route. As we remind every week, extra war risk premiums remain at record levels against these freight rates, and higher freight does not necessarily translate into higher daily earnings.

There was also an increase in freight rates for Novorossiysk–Marmara shipments this week. Freight for 5,000 tons of wheat was being quoted at around USD 50–55/ton, compared with around USD 45/ton last week.

In the larger vessel segments, the Baltic Dry Index (BDI) continued its rapid rise this week. Following its rise to 3,186 points last week, the index continued higher, reaching 3,628 points. Strong gains continued in the Capesize segment, while the Baltic Panamax Index and Baltic Supramax Index provided support. The Baltic Handysize Index was also firmer compared with last week.

The Baltic Supramax Index (BSI) increased from 1,647 points to 1,675 points. Average daily time charter equivalent (TCE) earnings rose from USD 20,819/day to USD 21,177/day.

On Supramax routes, earnings from the Black Sea to the Far East appeared to have paused their decline. Earnings edged down very slightly from USD 23,371/day to USD 23,368/day. On the U.S. Gulf–Far East route, average daily earnings posted a notable increase, rising from USD 30,356/day last week to USD 32,381/day. Far East averages also increased from USD 18,849/day to USD 19,235/day.

The Baltic Handysize Index (BHSI) also continued to rise, increasing from 881 points to 900 points. Average daily TCE earnings also increased from USD 15,855/day to USD 16,199/day.

On the Black Sea–Mediterranean and Black Sea–Continent Handysize routes, applicable to trade between safe ports, daily earnings remained unchanged from last week. Earnings on both routes remained at USD 12,000/day. Earnings on the Black Sea–Far East route also remained at around USD 17,000/day, as they have over the past two weeks.

On the South America–Continent route, average daily earnings continued their rise this week, increasing from USD 22,494/day to USD 23,350/day. Far East averages continued their upward trend, rising from USD 17,677/day to USD 17,756/day.

Turning to the sale and purchase market:

Once again, only one Ultramax sale was reported this week. The 63,000 DWT Japanese-built “IVS Dunes” (2020) was sold at a price close to USD 37 million.

In the Supramax segment, the 55,000 DWT Japanese-built “Marianna” (2010) changed hands for around USD 17 million. Among Chinese-built Supramaxes, the 57,000 DWT “Kanchana Naree” (2011) changed hands for USD 14.6 million, while the 57,000 DWT “FLC Happiness” (2009), also Chinese-built, changed hands for USD 13 million.

In the Handysize segment, the 38,000 DWT Vietnamese-built “Devbulk Sinem” (2013) was sold for USD 14.8 million, while the 35,000 DWT Chinese-built “China Spirit” (2013) was sold for USD 13 million. The 32,000 DWT “T Prime” (2011) changed hands for USD 9.5 million.

No coaster sale was reported this week either.

We wish you a pleasant week ahead.