It was quite expected that freight market will go down in view of long Russian holidays and present Turkey low trading activity caused by turkish lira devaluation. Another kick came form port authorities who on friday 08 January allowed overaged and substandart classed ladis to call Azov and Rostov Ports. New portion of negative news come from handy sector - BDI crushed down 25% to end 2013 levels. We expect freight to EMED destination with grains from Azov to get to low usd 40-s during this week. The only positive factor that may push the market up could be coming frosts. If so - ice staff will once again forbid for old substandart classed ladies to call shallow Azov ports and so reduce tonnage avalibilty on the market.
