Loading…
Panamax dry bulk freight rates reached two-month lows in the week to June 5, 2024. The Brazil-Northeast Asia route fell $0.40 to $45 per tonne, and the US Gulf-Northeast Asia route fell to $58.00 from $58.70, on Atlantic tonnage surplus and falling crude prices after OPEC+ announced plans to restore output.
Lower freight rates reduce the cost of moving grain and oilseeds from South America and the US to Asia, which can widen origin-to-destination spreads. The drop in crude also signals weaker energy-linked costs.
fastmarkets.comMasha Belikova, Eduardo TintiJun 6, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
