Activity has been lagging in the Black Sea and Sea of Azov trades, but the ongoing tightening of Russian grain quotas and looming suspension in mid-May has caused a notable acceleration in forward selling and export shipments in general. Falling bunker prices are also being credited with giving owners a bit more breathing room in earnings and has given owners reason to keep the market moving sideways even as open tonnage capacity seems to be holding to just north of breakeven. Grain shipments (5,000mt at 46′) from Rostov are fetching around US$ 19-20/mt to Marmara while the same cargo to the Egyptian Med can secure low EUR 30s/mt. Inter-Black Sea freight rates are stable.
