Freight Market Overview — Week 49, 2025

In Week 49 of 2025, the Black Sea market remains predominantly stable. The Handysize segment is holding last week’s levels: cargo flow is increasing, but not enough to trigger a firm upward correction in rates.

Handysize (~30,000 DWT) continues to demonstrate resilience. Shipowners still count on a seasonal rate increase toward the New Year period, but charterers are only willing to accept even or lower levels. As a result, the market has moved onto a stable “plateau”, which helps Owners defend their rate ideas, but does not yet translate into a real freight upturn.

Coaster (~5,000 DWT) has been under pressure over the past week: wheat rates (SF 47) dropped to 45 USD/MT and so far show no signs of reversal. Despite an increase of around 50% in total grain exports from the region driven by corn, cargo enquiries remain irregular, and the improvement of the situation in the Kerch Strait removes the effect of artificial tonnage shortage.

Key observations of the week

• Handysize: freight levels on the main Novorossiysk routes remain at even; the market is stable, but with no clear signal for a rally.
• Coaster: softer levels and fading support from delays in the Kerch Strait increase the risk of further gentle easing (Even–Down).

Handysize (~30,000 DWT)

Coaster (~5,000 DWT)