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• USG/USEC: The market saw an increase in cargoes at the beginning of the week, particularly with a firm interest in finding tonnage for grain cargoes. However, there is also an increasing number of ballasters expected next week. To determine if this firmness of the market is a temporary situation or a stronger trend, we need to see the cargo requirements for next week.
• ECSA: The market increased due to limited supply of tonnage and a healthy cargo flow. We expect the market to remain at reasonable levels for owners next week.
• CONTI: The market continued its downward trend as the cargo list was very short, limiting optimism. Cargo flow is limited, so we expect the same negative course next week.
• MED: There was some action in the market, but it wasn’t enough to stop the market's decline. Another negative factor was that some charterers preferred to cover their cargoes with home tonnages. Predictions for next week are not positive.
• MEG/INDIA: Monsoon conditions continued to cause delays and various operational problems. Furthermore, the cargo flow remained limited, and this is expected to continue into next week.
• SEASIA/FEAST: Weak demand dropped the market in both the southern and northern regions. The absence of steel and coal was noticeable, and only some backhaul cargoes attracted owners’ interest. Further flatness is anticipated for the upcoming week.

SUPRAMAX

• ECSA: The market started the week with more cargoes to Asia. However, towards the end of the week, supply built up, reducing the upward trend. There are positive expectations for next week.
• USG: The market favored owners due to a decreased number of open vessels. However, in the second part of the week, shipments to Asia were curtailed, and owners reduced their ideas. We expect to see more cargoes from the East Coast until the end of the month.
• CONTI: Oversupply pressed the market, although scrap cargoes led to higher rates, and the sentiment is bullish for the following week.
• MED: New cargoes for loading at the end of July pushed the levels , with cement cargoes driving the market. However there are many vessels in the area , and some owners are ever considering ballasting to the other side of the Atlantic. We expect the market to remain at reasonable levels for owners next week.
• MEG/INDIA: The market moved slowly for another week. Owners were not keen to accept lower levels, and charterers were reluctant to move. The only activity seen is an increase in period rates as charterers bet on a strong last quarter of the year. No major changes are expected for next week.
• SEASIA/FEAST: The southern region started the week slowly but increased due to Indonesian cargoes, while in the north, steel cargoes decreased, pressing the market. No changes are expected for the following week.

Russia and Ukraine conflict

Presently in med black sea war risk pricing drops , but have to watch out for increased attacks over summer if Russia decides to target its enemy’s grain exports in the harvest season.

Is peace on the horizon ? when will the russia – ukraine war end ?

predicting or try to forecast the exact end of the war between ukraine and russia is challenging, as it depends on numerous unpredictable factors. Various experts suggest that the conflict could continue for some time, potentially throughout 2024. The situation on the ground remains fluid, with both sides experiencing gains and setbacks.

As for the potential outcomes, several scenarios are being considered:

1. Prolonged Conflict: the war could drag on, with neither side achieving a decisive victory. This scenario might involve continued fighting, economic strain, and humanitarian crises.
2. Negotiated Settlement: both sides might eventually agree to a negotiated settlement, possibly involving territorial compromises.
3. Military victory: one side could achieve a significant military victory, though this seems less likely given the current stalemate.

The outcome will heavily depend on political decisions made by key international players, including the us, eu, and nato. it's a complex and evolving situation, and many are hoping for a peaceful resolution soon.

Best Regards,

Iakovos (Jack) Archontakis
TMC Commercial Director (as Agents only)

Disclaimer
This report and the information contained herein it is for general information only and does not constitute an investment advice