As before, the rental rates for gondola cars have been growing in February 2024. The increase has been driven by a number of factors – firstly, by brisker transportation of construction cargo such as clay, crushed stone, etc.
A slight upturn in shipments of Ukrainian grain reported late last week did not affect the market significantly. “The problem is that there is almost nothing on the market except Ukrainian grain and some Russian cargoes,” a Turkish broker commented to ISM.
Dynamics of average mazut prices, $/tonne
In contrast to the neighboring Handysize segment, there are no signs of recovery on the small-tonnage shipping market. “The market is dull, with lack of spot requests all across the Mediterranean and Black Seas ,” an EU broker commented.
Dynamics of average mazut prices, $/tonne
Gondola car rental rate index, €/day*
The small-tonnage market looks quite unexciting and a bit doomed this week. After some minor improvements reported last week, owners were hoping for further recovery of activity in the Mediterranean Sea, but the regional cargo flow has slowed down slightly again.
Rental rates have held steady in the Baltic countries in January 2024 compared with December 2023. The changes in some rental rates can be explained exclusively by currency fluctuations.
Dynamics of average mazut prices, $/tonne
Gondola car rental rate index, €/day*