A slight activity downtrend that emerged on the Black Sea market a couple of weeks ago has eventually led to a drop in rates for shipments by 8-15k dwt fleet. Rates for such vessels suffer additional pressure from the Handysize market softening. Also, charterers argue the need to cut freights by a significant decline in bunker prices ($50-60/t down over the week, which corresponds to a $0.5-1/t decrease in dwt cargo freight). Meanwhile, charterers are so far unable to lower rates in the 2-5k dwt segment given the extremely hot sea-river market. Demand for spot tonnage is still supported by brisk shipments of grain and agri products, as well as of fertilizers and minerals, while exports of steel products have been limited for the third consecutive week.
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