ZEWAY › Freight rates
Black Sea & Med freight rates
The coaster board and the route prints from the weekly index and assessments, the tape of the big markets, and the desk's read by segment. This week a 10,000 DWCC coaster earns $4,290 a day cvb → marmara / med and $14,400 a day ukraine (poc) → marmara / med on delivery TBS (21 SEP, week 38). Tankers read Firm, dry bulk Steady, as of 25 SEP.
The tape
Brent, VLCC and Suezmax earnings, the Baltic dry indices and the war-risk multiple.| BRENT | $106.11 | +1.7% 24H | 28 SEP |
| HORMUZ WAR RISK | 40× | PRE-WAR | STRAITS EST. |
| VLCC | $451,000/D | +68% W/W · RECORD | 16 SEP |
| SUEZMAX | $343,000/D | +94% W/W · RECORD | 16 SEP |
| BDI | 3,336 | +0.3% | 17 SEP |
| CAPESIZE | 5,656 | +0.8% | 17 SEP |
| PANAMAX | 2,282 | −1.8% | 17 SEP |
| SUPRAMAX | 1,762 | +0.8% | 17 SEP |
| GLOBAL CFI | +$0.50/T | W/W | 21 SEP |
| BLACK SEA CFI | +$0.62/T | W/W | 21 SEP |
| MED CFI | +$0.89/T | W/W | 21 SEP |
| GULF OF FINLAND CFI | +$1.34/T | W/W | 21 SEP |
| CVB–MED 10K TCE | $4,290/D | +$290 | 21 SEP |
| UKRAINE (POC)–MED 10K TCE | $14,400/D | −$190 | 21 SEP |
| CVB–MED 10K RV | $1,860/D | −$40 | 25 SEP |
| DANUBE/POC–EMED 5K RV | $6,850/D | −$470 | 25 SEP |
| WHEAT CONSTANTA → ADRIATIC | $30/T | +$1.5 | 21 SEP |
| WHEAT ODESA / CHORNOMORSK → ALEXANDRIA | $124/T | UNCH | 21 SEP |
| WHEAT RENI / IZMAIL → ADRIATIC | $115/T | UNCH | 21 SEP |
| BILLETS NOVOROSSIYSK → MARMARA | $76/T | UNCH | 21 SEP |
| WHEAT ODESA / CHORNOMORSK → ALEXANDRIA 25–30K T | $97/T | +$10 | 25 SEP |
| WHEAT NOVOROSSIYSK → ALEXANDRIA 25–30K T | $110/T | +$7 | 25 SEP |
| WHEAT CONSTANTA / VARNA → ALEXANDRIA 25–30K T | $23/T | +$2.5 | 25 SEP |
| GRAIN AFLOAT EX BLSEA | 4.93 MT | ▼ −16.8% W/W | WK 37 |
| IZMAIL–LEBANON | $99/T | FIXED | 21 SEP |
| IZMAIL / RENI–EGYPTMED | $105–110/T | FIXED | 21 SEP |
| TENDER · JORDAN 60K T WHEAT | $332 C&F | TO AQABA | 22 SEP |
| TENDER · PAKISTAN 365K T WHEAT | $348.83 CFR | TO KARACHI / GWADAR | 16 SEP |
The coaster board
Earnings on delivery TBS and round voyage, and what a tonne costs, spot.THE COASTER BOARD · WHAT SMALL TONNAGE EARNS, $ A DAYTBS 21 SEP · RV 25 SEP
BLACK SEA LOADINGS · DELIVERY TBS, A SHORT BALLAST LEG · CFI 21 SEP, WEEK 38
CVB → MARMARA / MEDSEAGOING · 5,000 DWCC▲ +$170$2,450/D
CVB → MARMARA / MEDSEAGOING · 10,000 DWCC▲ +$290$4,290/D
UKRAINE (POC) → MARMARA / MEDSEAGOING · 5,000 DWCC▲ +$130$9,970/D
UKRAINE (POC) → MARMARA / MEDSEAGOING · 10,000 DWCC▼ −$190$14,400/D
ROUND VOYAGE · THE WAY BACK IN BALLAST · 25 SEP, WEEK 39
CVB → MED RVMINIBULKER · 10,000 DWCC▼ −$40$1,860/D
CVB → MARMARA / EMED RVSEAGOING · 5,000 DWCC▼ −$20$1,070/D
DANUBE / POC → MARMARA / EMED RVSEAGOING · 5,000 DWCC▼ −$470$6,850/D
MARMARA → MED RVSEAGOING · 5,000 DWCC▲ +$350$1,630/D
INTER-WMED RV · IBERIA – N. AFRICASEAGOING · 5,000 DWCC▲ +$250$1,970/D
GULF OF FINLAND → UK / IRELANDCOASTER · 5,000 DWCC▲ +$120$3,370/D
UKRAINIAN PORTS PAY 3.4× CVB AT 10,000 DWCC, BASIS TBS 21 SEP · $100–120K EWRI AND CREW BONUS AND 10–20 DAYS OF WAITING PRICED IN · ON 25–30K T OF WHEAT TO ALEXANDRIA, 25 SEP, ODESA PAYS 4.2× AND NOVOROSSIYSK 4.8× CONSTANTA
ROUTE PRINTS · WHAT A TONNE COSTS, SPOTCFI 21 SEP · MOVE ON THE WEEK
WHEAT · CONSTANTA → ADRIATIC5–6,000 T · 2000X / 2000X▲ +$1.5$30/T
WHEAT · ODESA / CHORNOMORSK → ALEXANDRIA5–6,000 T · 2000X / 1500X→ UNCH$124/T
WHEAT · RENI / IZMAIL → ADRIATIC5–6,000 T · 2000X / 2000X→ UNCH$115/T
BILLETS · NOVOROSSIYSK → MARMARA5–6,000 T · 2000X / 1500X→ UNCH$76/T
UREA · TUAPSE → ISKENDERUN6–7,000 T · 4000C / 3000X→ UNCH$106/T
STEEL PROFILES · BARTIN → CASABLANCA7–8,000 T · 2000X / 2000X▲ +$3$42/T
WHEAT · KLAIPEDA → WATERFORD / CORK3–5,000 T · 2000C / 2000X▲ +€2€35/T
HANDY TO SUPRAMAX · WHAT A TONNE COSTS ON THE BIG STEMS · 25 SEP, WEEK 39
WHEAT · ODESA / CHORNOMORSK → ALEXANDRIA25–30K T · 7000X / 5000X▲ +$10$97/T
WHEAT · NOVOROSSIYSK → ALEXANDRIA25–30K T · 8000X / 5000X▲ +$7$110/T
WHEAT · CONSTANTA / VARNA → ALEXANDRIA25–30K T · 8000X / 5000X▲ +$2.5$23/T
WHEAT · ODESA / CHORNOMORSK → MARMARA25–30K T · 8000X / 4500X▲ +$8$78/T
WHEAT · CONSTANTA → JEDDAH50–60K T · 10000X / 5000X · RED SEA VIA SUEZ▲ +$1$45.5/T
WHEAT · CONSTANTA → CIWANDAN / CIGADING50–60K T · 10000X / 7000X · BEYOND BAB EL-MANDEB, OR THE CAPE▲ +$1$49.5/T
MAIZE · ODESA / CHORNOMORSK → BANDAR ABBAS25–30K T · 7000X / 4500X · INSIDE HORMUZ, WHICH THE BOARD CALLS CLOSED▲ +$9$154/T
STEEL · NOVOROSSIYSK → ISKENDERUN25–30K T · 6000C / 6000X▲ +$7$110/T
COAL · TAMAN → ISKENDERUN25–30K T · 15000C / 6000C▲ +$7$104/T
UREA · NOVOROSSIYSK → SANTOS25–30K T · 8000C / 6000C▲ +$7$136/T
OPEN COASTERS, 2–12K DWT · CARGO OFFERS, 1.5–13K T LOTS
OPEN · BLACK SEA39▼ −13 W/W
OPEN · MARMARA TO THE ADRIATIC193▼ −36 W/W
CARGO OFFERS · BLACK SEA AND MED1,024▲ +1 W/W · 4.4 PER OPEN SHIP, 3.6 LAST WEEK
NORTH EUROPE · OPEN183▲ +2 W/W · BALTIC, CONTINENT, BISCAY
The desk's read
Typed by hand and dated: tankers, dry bulk and coasters in the Med and the Black Sea.TANKERS · FIRMDESK READ 25 SEP
AFRAMAX · CROSS-MEDTD19 CEYHAN–MED
FIRM▲
Med tonnage pulled east by the Gulf earnings; Ceyhan and Sidi Kerir stems bid up.
SUEZMAX · BLACK SEA–MEDTD6 CPC–AUGUSTA
FIRM▲
CPC liftings steady; ballasters leaving for the Gulf thin the Med list.
MR · MED PRODUCTSTC6 SKIKDA–EUROMED
STEADY→
Cross-Med steady; Bab el-Mandeb targeting keeps the LRs out of the basin.
DRY BULK & COASTERS · STEADYDESK READ 25 SEP
COASTERS · CVB, THE NON-PREMIUM BLACK SEA25 SEP · 10,000 DWCC MINIBULKER RV EARNS $1,860/D, −40
STEADY→
Round-voyage earnings ex CVB slipped $10–40 a day at every size: $1,860 for a 10,000 DWCC minibulker, $1,070 for a 5,000 seagoing, $860 for a 3,000. Last week's $0.5–1.5/t only covered the bunkers, and this week gave a little of it back. Bigger stems ex Constanta and Varna print +$1–4.5/t, the smallest rise in the basin. Owners are not making money yet.
COASTERS · UKRAINE, DANUBE AND POC25 SEP · 5,000 DWCC RV EARNS $6,850/D, −470
SOFT▼
The Danube and POC round voyage gave back $470 a day on the week, and the delivery-TBS chart has the 10,000 and 5,000 DWCC earnings off their week-38 peaks; that table prints next. $100–120k of war-risk cover and crew bonus and 10–20 days of waiting still sit inside the earning. The bigger stems tell the other story: 25–30k t of wheat Odesa to Alexandria is $97/t, +10, four times Constanta.
COASTERS · MEDITERRANEAN25 SEP · MARMARA → MED 5,000 DWCC RV EARNS $1,630/D, +350
FIRM▲
The Med round voyages carried the week: Marmara to the Med +$350 a day at 5,000 DWCC and +$230 at 3,000, Iberia to North Africa +$250 to $1,970. Fewer open ships and more stems, and bunkers are still the owners' argument.
HANDY TO SUPRAMAX · BLACK SEA GRAIN25 SEP · 25–30K T WHEAT ODESA → ALEXANDRIA $97/T, +10
FIRM▲
Every Black Sea and Med lane printed higher on the week, +$7–11/t ex Ukraine and Russia and +$1–4.5/t ex Constanta and Varna, while the Atlantic, Asia-Pacific and Indian Ocean assessments were unchanged. The war-risk listing is being paid: Odesa to Alexandria $97/t and Novorossiysk $110/t against Constanta's $23. Grain afloat is still 44% below the June peak, so this is risk and tonnage, not volume.
THE SCORECARD · THE DESK'S CALLS, GRADED IN PUBLICCALLS DATED 25 SEP · LAST GRADED 25 SEP
HIT RATE, EVERY GRADED CALL75%3 OF 4EVERY CALL SINCE 23 SEP, GRADED AGAINST THE NEXT PRINT · 1 MISS ON THE RECORD
OPEN · 7 CALLS FROM 25 SEP
AFRAMAX · CROSS-MEDTANKERS · TD19 CEYHAN–MEDFIRM ▲NEXT PRINT
SUEZMAX · BLACK SEA–MEDTANKERS · TD6 CPC–AUGUSTAFIRM ▲NEXT PRINT
MR · MED PRODUCTSTANKERS · TC6 SKIKDA–EUROMEDSTEADY →NEXT PRINT
COASTERS · CVB, THE NON-PREMIUM BLACK SEADRY BULK · 25 SEP · 10,000 DWCC MINIBULKER RV EARNS $1,860/D, −40STEADY →NEXT PRINT
COASTERS · UKRAINE, DANUBE AND POCDRY BULK · 25 SEP · 5,000 DWCC RV EARNS $6,850/D, −470SOFT ▼NEXT PRINT
COASTERS · MEDITERRANEANDRY BULK · 25 SEP · MARMARA → MED 5,000 DWCC RV EARNS $1,630/D, +350FIRM ▲NEXT PRINT
HANDY TO SUPRAMAX · BLACK SEA GRAINDRY BULK · 25 SEP · 25–30K T WHEAT ODESA → ALEXANDRIA $97/T, +10FIRM ▲NEXT PRINT
GRADED, NEWEST FIRST
COASTERS · CVB, THE NON-PREMIUM BLACK SEACALLED 23 SEP · GRADED 25 SEP · CVB 10K MINIBULKER RV TCE −40 W/W, INSIDE THE BAND→ → →HIT
COASTERS · UKRAINE, DANUBE AND POCCALLED 23 SEP · GRADED 25 SEP · DANUBE / POC 5K RV TCE −470 W/W▼ → ▼HIT
COASTERS · MEDITERRANEANCALLED 23 SEP · GRADED 25 SEP · MARMARA → MED 5K RV TCE +350 W/W▲ → ▲HIT
HANDY TO SUPRAMAX · BLACK SEA GRAINCALLED 23 SEP · GRADED 25 SEP · BLACK SEA WHEAT, 25–30K T, +$7–11/T W/W EX UKRAINE AND RUSSIA▼ → ▲MISS
THE RULE · A CALL IS UP, DOWN OR FLAT, WRITTEN ON THE DESK READ DATE. IT IS GRADED WHEN THE NEXT WEEKLY REFERENCE LANDS: A HIT WHEN THE PRINT MOVED THE WAY THE DESK SAID, FLAT A HIT WHEN IT STAYED INSIDE THE DESK'S OWN BAND. THE DESK TYPES THE OUTCOME; THE PAGE DOES THE ARITHMETIC AND SHOWS EVERY MISS.
THE DRY BULK AND COASTER ROWS WERE RE-READ ON THE 25 SEP PRINTS AND THE 23 SEP CALLS GRADED ON THE SCORECARD · THE TANKER ROWS ARE CARRIED FROM THE 23 SEP READ, UNCHANGED AND UNGRADED: NO TANKER REFERENCE HAS LANDED SINCE. ADDED 28 SEP, ON THE UKRAINE, DANUBE AND POC ROW: KYIV SEES NO SIGN OF A BLACK SEA CEASEFIRE AND THE MINISTRY PUTS 30 MILLION TONNES OF THIS SEASON’S EXPORTS AT RISK FROM PORT STRIKES, SO THE WAR-RISK COVER AND THE WAITING STAY INSIDE THE EARNING AND THE ODESA PREMIUM OVER CONSTANTA HOLDS; THE SOFT CALL STANDS UNTIL THE NEXT PRINT.
The values
What a 30,000-tonner is worth at ten and twenty years old, US$ millions.THE VALUES · DRY BULK · HANDYSIZE · 30K DWTEASING · DESK READ 23 SEP
10 YEARS OLD$18.5M▼ −0.5M VS LAST MONTHSIX MONTHS, OLDEST TO NEWEST
20 YEARS OLD$8.2M▼ −0.3M VS LAST MONTHSIX MONTHS, OLDEST TO NEWEST
REPORTED SALES, NEWEST FIRST
HANDYSIZE 32,000 DWT · BUILT 2014 JAPANGREEK BUYERS · 18 SEP$17.8M
HANDYSIZE 28,500 DWT · BUILT 2006 JAPANTURKISH BUYERS · 16 SEP$8.0M
HANDYSIZE 33,700 DWT · BUILT 2011 CHINAUNDISCLOSED · 12 SEP$13.2M
THE VALUES · TANKERS · PRODUCTS · 30K DWTFIRMING · DESK READ 23 SEP
10 YEARS OLD$27.0M▲ +1.5M VS LAST MONTHSIX MONTHS, OLDEST TO NEWEST
20 YEARS OLD$12.5M▲ +1.0M VS LAST MONTHSIX MONTHS, OLDEST TO NEWEST
REPORTED SALES, NEWEST FIRST
PRODUCTS 37,000 DWT · BUILT 2013 KOREAMIDDLE EAST BUYERS · 19 SEP$29.5M
PRODUCTS 34,000 DWT · BUILT 2005 KOREAUNDISCLOSED · 15 SEP$12.8M
PRODUCTS 30,000 DWT · BUILT 2009 JAPANGREEK BUYERS · 11 SEP$18.9M
BROKERS' WEEKLY S&P REPORTS AS RECEIVED BY THE DESK · VALUES IN US$ MILLIONS · CHANGE AGAINST LAST MONTH
Who owns the fleet
Beneficial ownership, ranked by deadweight.WHO OWNS THE WORLD FLEET · BENEFICIAL OWNERSHIP, RANKED BY DWTBENEFICIAL OWNERSHIP · SHIPS OF 1,000 GT AND ABOVE · 1 JAN 2026
THE TOP FIVE
1GREECE5,168 SHIPS397.1M DWT
2CHINA11,186 SHIPS377.0M DWT
3JAPAN4,139 SHIPS243.2M DWT
4SINGAPORE3,250 SHIPS182.4M DWT
5HONG KONG, CHINA1,978 SHIPS122.8M DWT
ELSEWHERE IN THE RANKING
9UNITED KINGDOM1,275 SHIPS61.1M DWT
14UNITED STATES1,689 SHIPS45.6M DWT
27RUSSIA1,661 SHIPS17.5M DWT
THE GAP IS CLOSINGGreece’s lead over China fell from 152M dwt in 2017 to 20M in 2026.
CHINA WITH HONG KONG499.8M dwt together, ahead of Greece.
OWNER, NOT FLAGCounted where the owner is based, whatever flag the ship flies.
WHO OWNS THE SUPERTANKERS · THE TEN LARGEST VLCC FLEETS, SANCTIONED TONNAGE EXCLUDEDTYPED SEP 2026
WORLD VLCC FLEET907
UNDER SANCTIONS167
FREE TO TRADE740
HELD BY THESE TEN53%
1SINOKORCLARKSONS FLEET DATA · AUG 202693VLCCS
2CHINA MERCHANTS ENERGYH1 2026 FILING · JUN 3051VLCCS
3BAHRIH1 2026 FILING · JUN 3049VLCCS
4COSCO SHIPPING ENERGYH1 2026 PRESENTATION · JUN 3041VLCCS
5FRONTLINEQ2 2026 PRESENTATION · AUG 2837VLCCS
6MARAN TANKERSOWNER FLEET LIST · JUN 202633VLCCS
7MITSUI O.S.K. LINESMOL GUIDEBOOK 2026 · OPERATED30VLCCS
8DHT HOLDINGSQ2 2026 FILING · AS AT JUL 2423VLCCS
9NIPPON YUSEN KAISHANYK 2025 · OPERATED22VLCCS
10ASYAD SHIPPINGQ1 2026 PRESENTATION · MAR 3114VLCCS
SINOKOR93 VLCCs, one in eight that can trade. It took 35 of the first 45 VLCCs sold in 2026; in January it ranked twelfth in the world.
SECOND HANDMore than 60 of Sinokor’s were bought used, from at least ten sellers; many still sail in their old owners’ colours.
IRANNITC would tie for fifth with 37. Every one is sanctioned, so none is counted here.
Rate a stem
A voyage estimate on the house model over any lane in the basin.The stem rater runs in the browser: pick the ports, the ship and the stem, type a freight and read the daily earning, or type the earning you need and read the freight. Open it on the board.
Coaster earnings, route prints and the handy to supramax assessments come from the desk's paid weekly subscriptions, typed in and dated on each block; Baltic Exchange and Clarksons prints as dated. Numbers bound 28 SEP 2026; the typed blocks were last edited 28 SEP 1930Z. The live board refreshes its feeds every half hour while open; this page is rewritten at every bind.