Freight market overview, October
The grain sales market continues to dictate the price trends in the bulk carrier demand segment. Shipments of early grains such as wheat and barley remain relatively low, while freight supply in the Black Sea still exceeds demand. A revival in the freight market and an increase in rates along the main routes of Ukrainian exports may occur at the end of October or early November, coinciding with the mass entry of corn supplies to the market. Shipowners involved in Ukrainian corn shipments are expected to raise rates to offset the low freight earnings from barley and wheat.
Ukraine’s grain corridor continues to operate steadily despite ongoing threats and periodic attacks on port infrastructure. According to the Ukrainian Sea Ports Authority (USPA), the total transshipment volume through the Greater Odesa ports and the Danube ports in September and early October exceeded last year’s levels by 6–8%.
In October 2025, the global grain freight market entered a phase of seasonal slowdown following the peak of September shipments from the new harvest. Ukrainian and Russian ports remain in competition for spot tonnage (“today for today/tomorrow”), with freight rate differences of $3–6 per tonne (handysize) still favoring Russian ports due to insurance premiums applied to vessels entering Ukrainian harbors.
October 2025 has turned out to be a relatively stable month for freight rates, with the grain shipping market maintaining balance amid mixed factors: seasonal growth in export tonnage, steady logistics from the U.S. and South America, and cautious optimism in the Black Sea. Shipowners and brokers generally agree that November rates will remain within the current range unless new geopolitical shocks occur.
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