The river-sea coaster market remained unchanged in terms of the situation in the Sea of Azov. 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. If normalization begins in the Black Sea, freight rates will rise rapidly once the area reopens.

Freight rates for cargoes transported between Ukraine, the Black Sea and the Mediterranean continued to rise amid the risks. This week, USD 103/ton was quoted for 10,000 tons of wheat transported from Izmail to Egypt. Last week, USD 100/ton had been quoted on the same route for a 7,000-ton wheat cargo. For the 6,000-ton high-stowage (SF 88) sunflower seed cargo from Orlivka to Izmir, USD 115/ton was quoted. Taking the difference in volume into account, this corresponds to USD 58/ton on a one-to-one basis for a 12,000 DWT vessel.

Meanwhile, USD 25/ton was quoted for 8,000 tons of wheat transported from Galatz to Marmara. Considering shipments that can be regarded as risk-free, this shows that freight rates have remained stable for a long time. 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.

Freight rates for Novorossiysk–Marmara shipments posted some increases this week from last week’s USD 50–55/ton range, but did not move far from those levels.

In the larger vessel segments, the Baltic Dry Index (BDI) corrected this week from the 3,628 points it had rapidly reached over the past few weeks, falling to 3,521 points. While Capesize and Panamax tonnage plateaued, the Baltic Supramax Index and Baltic Handysize Index continued to strengthen significantly.

Starting with the Baltic Supramax Index (BSI), the index increased from 1,675 points to 1,713 points. Average daily global time charter equivalent (TCE) earnings also rose from USD 21,177/day to USD 21,655/day.

On Supramax routes, earnings from the Black Sea to the Far East returned to an upward trend, rising from USD 23,368/day to USD 24,375/day. On the U.S. Gulf–Far East route, average daily earnings increased from last week’s USD 32,381/day to USD 33,538/day. Far East averages also rose from USD 19,235/day to USD 19,580/day.

The Baltic Handysize Index (BHSI) likewise increased, rising from 900 points to 931 points. Average daily TCE earnings rose from USD 16,199/day to USD 16,751/day.

On the Black Sea–Mediterranean and Black Sea–Continent Handysize routes, applicable to trade between safe ports, daily earnings increased from USD 12,000/day last week to USD 13,000/day. Earnings on the Black Sea–Far East route also increased from USD 17,000/day to USD 18,000/day.

On the South America–Continent route, average daily earnings continued to increase for the fourth consecutive week, rising from USD 23,350/day to USD 24,111/day. Far East averages likewise increased from USD 17,756/day to USD 17,809/day.

Sale and purchase activity picked up this week.

In the only Ultramax sale, a 63,500 DWT newbuilding scheduled for delivery from China in 2026 (Jiangsu Hiatong JSHT297) was reportedly sold for USD 39 million.

In the Supramax segment, the 55,000 DWT Japanese-built “OBE Lotus” (2014) was sold for USD 23.2 million. The 59,000 DWT Japanese-built “Stenia Colossus” (2011) changed hands for USD 21 million. The 2009 Japanese-built “SW North Wind I” and “SW South Wind I” were sold for USD 15.3 million and USD 15.75 million, respectively. The older 56,000 DWT Japanese-built “Columbia River” (2006) changed hands for USD 13 million.

In Handysize sales, the 37,000 DWT Japanese-built “IVS Tembe” (2016) was sold for USD 17.4 million. This sale is reportedly an intra-company transaction, at a price considerably below the market level for this type of vessel. The 37,000 DWT Japanese-built “Ansac Pride” (2013) changed hands for USD 18.5 million, while the 37,000 DWT Japanese-built “Angelic Anna” (2012) changed hands for USD 15 million.

Among Chinese-built Handysize sales, the 39,000 DWT Chinese-built “Wooyang Cles” (2014) was sold for USD 18.8 million. The 35,000 DWT Chinese-built “Ze Hui” (2011) and “TBC Kailash” (2011) were sold for USD 11.1 million and USD 9.3 million, respectively. As both vessels are of the Bestway35 design, it may be worth looking into the reason for the price difference. The 33,000 DWT Chinese-built “Bianca” (2013) was sold for USD 13.5 million.

No coaster sale was reported this week either.

We wish you a pleasant week ahead.