In the Black Sea river-sea coaster market, Russian holidays came to an end this week and ice restrictions were implemented in the Sea of Azov. In addition, new grain export quotas are scheduled to be announced on 15 February. Against this backdrop, freight rates increased markedly across the region. On the Azov–Marmara route, freight levels for 3,000 mt wheat cargoes climbed from USD 32–33/mt to USD 39–40/mt. On the Rostov–Marmara route, rates rose from USD 34–35/mt to USD 41–42/mt, while the Rostov–Mersin route strengthened from USD 51–52/mt to USD 58–59/mt.

In contrast, reported levels in the conventional Black Sea coaster market remained unchanged. Freight rates for 5,000 mt steel shipments on the Novorossiysk–Marmara route stayed around USD 17–18/mt, while 5,000 mt wheat cargoes were quoted at approximately USD 18–19/mt. However, market feedback suggested that coal and steel cargoes were being offered around USD 18/mt, while fertilizers such as urea and grain cargoes were being discussed in the USD 24–25/mt range.

Freight rates for 5,000–6,000 mt grain shipments from Ukrainian river ports to Marmara also remained stable at USD 25–26/mt this week. By comparison, a 7,700 mt soy cargo with a 51 stowage factor fixed on the Izmail–Izmir route at USD 29/mt, implying that a Marmara discharge for a similar cargo could be expected at around USD 25/mt.

In the larger tonnage market, the Baltic Dry Index (BDI) continued to decline, falling from 1,688 points to 1,567 points. While the Capesize segment showed some late-week improvement, it remained broadly under pressure overall. Panamax rates moved higher during the week, whereas the Supramax segment was largely stable. The Baltic Supramax Index (BSI) held flat at 967 points, with time-charter equivalent earnings steady at USD 12,223/day. On a route basis, average Supramax earnings on the Black Sea–Far East route eased from USD 16,921/day to USD 16,188/day, while US Gulf–Far East returns strengthened this week, improving from USD 19,957/day to USD 21,689/day. Far East averages continued to weaken, slipping from USD 9,863/day to around USD 9,510/day.

The Baltic Handysize Index extended its consecutive decline, easing from 605 points to 588 points. Daily earnings fell accordingly from USD 10,897/day to USD 10,578/day. Handysize freight levels in the Black Sea, Mediterranean, and Continent regions remained subdued, with Black Sea–Mediterranean and Black Sea–Continent routes holding at around USD 9,000/day, while Black Sea–Far East voyages stayed stable at USD 13,000/day. On the South America–Continent route, daily earnings showed a slight improvement, rising from USD 16,567/day to USD 16,669/day, while Far East averages continued to soften from USD 9,460/day to USD 9,165/day.

Turning to sales and purchases, reported Ultramax activity included a notable newbuilding deal involving six 64K DWT Ultramax bulkers under construction in China for 2027 delivery, sold for a total of USD 196.6 million, implying a price of approximately USD 32.75 million per vessel and suggesting standard Chinese-built specifications. In another Ultramax transaction, the 2019 China-built Ocean Jasmin was sold for USD 28.5 million, with the price potentially supported by the vessel being sold with an attached charter. That said, the level appears somewhat soft given that the 2022 China-built Starry Night achieved USD 32.5 million; this unit was built at NACKS and is generally considered close to Japanese-build quality. Finally, the 2012 Japan-built 61K DWT Explorer Africa changed hands for USD 19.2 million.

In the Supramax segment, two sales were reported. The 2011 Korea-built 57K DWT Desert Glory achieved USD 14.75 million, likely reflecting a premium of around USD 1 million due to the vessel having recently passed its special survey. The 2011 Japan-built 51K DWT Sun Master was sold for USD 15.2 million, supported by the vessel’s double-hull Oshima pedigree. In the Handysize segment, the 2012 Korea-built 37K DWT open hatch box-shaped TBC Praise was sold for USD 14.5 million. No coaster sales were reported this week.

We wish you a good week.