Freight Market Overview - Week 46, 2025

During Week 46 of 2025, the Black Sea freight market remained mixed. The Handysize segment continued to show stability, with no visible increase in cargo activity. Shipowners expect seasonal rate improvements by late November, while charterers maintain a cautious approach and are not yet ready to commit to higher levels for upcoming shipments.

Handysize (~30,000 DWT) - fixtures are mostly concluded at last week's levels. Core routes such as Novorossiysk - Mersin / Alexandria / Morocco remain steady, while Novorossiysk - Bangladesh trades with a slight Even-Down bias. Egypt continues to be one of the key destinations for Russian wheat shipments.

Coaster (~5,000 DWT) - the segment remains under pressure: declining grain shipments from Azov ports to Turkey continue to push rates downward. The current level for Azov → Marmara has dropped to 47 USD/MT, and market participants expect a further softening of up to 15% by the end of November. As a result, shipowners are increasingly shifting their focus toward longer voyages to Egypt and Mediterranean ports.

Key observations of the week

• Handysize: stable levels on Novorossiysk → Mersin / Alexandria / Morocco; Novorossiysk → Bangladesh holds within an Even-Down range, with owners anticipating seasonal support.
• Coaster: continued weakening of rates on Azov → Marmara down to 47 USD/MT with potential for further decline; shipowners increasingly consider longer voyages to Egypt and other Mediterranean destinations.

Handysize (~30,000 DWT)

Coaster (~5,000 DWT)