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Coaster Freight Index: Comprehensive data on shortsea shipping

Global CFI // week 23


In early June, trade has dropped to a minimum in both the South and North Europe given the end of grain season, as well as amid Posidonia event that gathered thousands of market players. However, the decrease in Global CFI has nearly stalled this week. The index has edged down by only $0.03/t due to slightly lower freight rates in the BlSea ($0.08/t down due to another drop in rates for shipments in up to 4,000 t lots) and the WMed ($0.18/t down). The rates for sea-river vessels have stabilized in the Azov Sea; the same applies to coaster rates in North Europe and the Far East. The ISM Commodity Index has not changed significantly over the week. As expected, demand for Black Sea grain remains weak; maize and feed wheat are now the only cargoes quite regularly sold abroad. Suppliers have reduced export prices for maize by $5-7/t in order to spur buying interest and have the deals signed. Brisker exports of steel scrap to Turkey are playing into the shipowners’ hands. Scrap prices are climbing up. Stronger demand for square billets in North African countries has boosted prices for these semi-finished products. ISM sources also note higher prices for urea. However, the increase can be explained by limited offer rather than stronger demand for the commodity.

Global Coaster Freight Index

CFI is the weighted average of voyage freight rates assessments on main trade routes for grain, steel, scrap, pig iron, coal, fertilizers, minerals and construction cargoes.
List of rates includes those for shipments of above mentioned commodities in 3,000-10,000 t lots.

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