In the last two weeks, the Mediterranean and Black Sea market have been marked by this increase in congestion in the Bosporus Canal. According to the latest information received from local agents, there would be about 175 units (of various sizes) in the northbound and about 160 ships in the southbound queque.
Therefore, impossible to hide that it is a massive level of congestion, which adds important waiting periods for those businesses that normally require speed in order to get a gain on the charter of a ship for the transport.
Two days ago, in unfavourable weather conditions in the Istanbul Strait (dense fog), the ships waiting in Marmara Sea and in the Black Sea respectively in entry or exit, have received forecasts of wait of approximately a week for those of Handysize with LOA less than 200 meters and of approximately 10 days for those of bigger size with LOA over than 200 meters.
However, in the last few hours the weather conditions seem to have improved, with expected waiting time of about 2 or 3 days.
This congestion, even if marginally, is and will inevitably go to influence the market. Several market sellers believe at the moment that this will positively affect freight rates, pricing some cargo at 2-3$ above the current market level or even refraining from pricing, considering it best to stall and wait for a rise since the waiting time would “kill” the business.
Compared to last week the market slightly increased, but only a few hundred dollars a day, thus not allowing us to attribute a sharp fault to this clogging.
