On the 20th week unfortunately we don´t observe any amelioration on the freight market. The absence of cargoes in the majority of the regions makes the owners to reduce freight rates hoping that low prices would help them to obtain cargoes for shipments.
The freight rate in the Azov Sea region on the direction Azov – Marmara sea ports for 3000 mts of wheat reaches the level of USD 14-15. The companies that export coal and steel have more chances to see their business awake thanks to the fact that in many European countries the coronavirus economic lockdown out has been ended and the demand for these goods could grow.
In the Caspian region we also observe the tendency of the rates to fall due to the shortage of cargoes. The level of rates for the transportation of 3000 mts of corn from Astrakhan to the NIP is about USD 24 PMT. The decision of Kazakhstan government to cancel the quota for wheat export can improve the situation on the freight market.
Deep sea market also doesn’t please us with good news. There is no cargo in the Baltic region. A small activity is observed in the Gulf countries. Current situation makes owners to reduce freight rates in order to get at least some cargo. Current rates for shipment from Novorossiysk to the Mediterranean sea ports is already on the level of USD 12