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BIMCO reports that Panama Canal transit limits cut dry bulk transits 74% year-over-year in January to April 2024. Sailing distances for affected routes rose 31% as operators rerouted around the Cape of Good Hope or Cape Horn, while cargo volume fell 25%.
Longer voyages absorb vessel capacity and lift tonne-mile demand for smaller bulk segments, which supports freight rates; without the distance increase, the lower cargo volumes would have pressured rates downward.
worldports.orgMay 28, 2024Not 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.
