Grain freight rates from Azov Sea dropped to a 12-year low

Freight rates from the Azov Sea to Marmara Sea ports keep sinking due to the lack of cargoes from the region. This past week, the cost of shipping a 3 KMT wheat cargo dropped to USD 12/MT that is the lowest level since October 2008.

Exporters inquire about the price of grain shipping on the route for the new crop. Nevertheless, no hike in freight rates is expected at the beginning of the season. Those for July are now heard within USD 12-17/MT. Ship owners are prepared to operate at such prices because the Azov Sea market is full of available fleet, UkrAgroConsult reports on the basis of Refinitiv.

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