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The Baltic Exchange dry bulk index rose 0.9% to 2,050 on June 28, marking a 12.9% monthly gain, driven by a 2.1% rise in the capesize index to 3,443, its highest since May 9. Capesize daily earnings climbed to $28,557, while panamax fell 0.3% and supramax declined.
Stronger capesize rates reflect firm iron ore and coal shipping demand, which raises freight costs for bulk grain and oilseed cargoes that share the same fleet and port capacity. Higher freight narrows the netback on exports from South America and the US to Asia.
gcaptain.comReutersJun 28, 2024Not 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.
