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The shipping industry experienced a series of ups and downs this week. We will discuss the changes in freight rates across different ship types and routes, as well as examine the significant ship sales of the week.
Overview of Freight Rates
The busy trade route between the Black Sea and the Mediterranean, particularly from Azov to Marmara, saw a decrease in wheat transport fees. The rate for 3,000-ton shipments of wheat fell from $35 per ton last week to $33-34 per ton. Similarly, rates on the Rostov-Marmara and Rostov-Mersin routes also continued their decline.
However, in 5,000-ton conventional coaster shipments, freight rates for steel operations from Novorossiysk to Marmara remained steady at $21-22 per ton. The rate for wheat operations on the same route also remained stable at $22-23 per ton.
What Do the Indices Tell Us?
This week, the Baltic Dry Index (BDI) rose from 1,721 points to 1,774 points. However, there were declines in the Supramax and Handysize segments. The Supramax Index (BSI) fell from 1,495 points to 1,466 points, while the Handysize Index (BHSI) dropped from 751 points to 732 points.
Revenue by Route
Revenues from shipments from the Black Sea to the Far East and from the Gulf of Mexico to the Far East saw decreases. Average revenues in Asia and daily revenues in the Mediterranean also declined. Particularly, revenues from departures from the Mediterranean to the Far East dropped from $17,500 per day to $17,000 per day.
Highlighted Ship Sales of the Week
In the Ultramax segment, Ince Shipping acquired the 2017-built Japanese vessel “Federal Island” for $32 million. Additionally, the 2012-built “Ultra Rocanville” was sold to unnamed Turkish buyers for $23 million. In the Handysize category, ships like “Global Striker” and “Lago Di Lugano” found new owners.
Conclusion
The weekly fluctuations in shipping rates and ship sales demonstrate the dynamic nature and continuously changing market conditions of the maritime sector. We will continue to monitor these changes in the coming weeks.