Market activity remained subdued last week, as the gap between shipowners’ and charterers’ expectations continued to widen, according to ProAgro Group.

According to ASAP Agri, following another sharp increase in bunker fuel prices – Marine Gas Oil (MGO) in Istanbul rose by more than $200 per ton – shipowners began quoting higher freight rates.

“Concluded contracts were on average $1–2 per ton higher compared to previous levels. The extent of the increase depended on the vessel’s deadweight and the route,” the report said.

As previously reported, bunker fuel prices surged in early March due to escalating military tensions in the Middle East, prompting shipowners to revise freight rates upward.