ISTFIX's Week 31 Report reveals a 54-point rise in the composite index, driven by increased Ukrainian cargo and heightened Black Sea security risks.
According to the ISTFIX 31st Week General Cargo Market Report, the composite index rose from 713 points to 767 points. The increase in cargoes originating from Ukraine and the security risks in the Black Sea have led to a sharp rise in freight rates.
Activity in the general cargo market has gained momentum again. According to the 31st Week General Cargo Market Report published by ISTFIX, the composite index recorded a remarkable increase, rising from 713 points to 767 points in just one week.
The report highlighted that the increase in the volume of cargoes departing from Ukrainian river ports has been decisive for the market, while the rising security risks in transport to the Eastern and Western Mediterranean have pushed freight prices upward.
It was emphasized that both Ukrainian and Russian ports in the Black Sea continue to carry high risks due to mutual attacks, whereas a decline in freight rates has been noted in the Baltic Sea and Northwestern European markets due to seasonal reasons.
Increase in all general cargo segments
According to weekly data, daily average earnings have risen across all tonnage groups:
2-4 thousand DWT: from $2,487 to $2,675
4-6 thousand DWT: from $3,208 to $3,451
6-8 thousand DWT: from $4,326 to $4,654
8-12 thousand DWT: from $6,024 to $6,480
High freight rates for cargoes from Ukraine
In the example cargo connections mentioned in the report, it was observed that freight rates for grain shipments from Ukraine's Izmail, Reni, Braila, and Kilia ports to Egypt, Lebanon, Israel, Spain, and Algeria reached levels of $49-55 per ton.
Stagnation in the second-hand market
The second-hand ship (S&P) market continues to experience stagnation. According to the report, no general cargo sales transactions were reported this week.
Limited increase in fuel prices
Despite fluctuations in oil prices, it was noted that the rate of increase in marine fuels has slowed down.
Weekly MGO prices were as follows:
Rotterdam: $1,282/ton (+1.75%)
Gibraltar: $1,340.5/ton (+1.59%)
Malta: $1,444/ton (+5.40%)
Istanbul: $1,402/ton (+1.70%)
The report also mentioned that West Texas Intermediate crude oil rose from $86 to $86.8, while Brent crude oil declined from $98 to $89. Nevertheless, it was expressed that the rate of increase in marine fuel prices remained more limited compared to previous weeks.
Source: SeaNews Türkiye
