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Around 12% of seaborne grains and oilseeds trade passed through the Suez Canal in 2023, and about 4.5 Mt of grain cargo has been diverted since mid-December. Vessels from the US Gulf are adding 10 to 20 days by routing via the Cape of Good Hope, while Black Sea vessels mostly still use the Red Sea.
Extra sailing time tightens effective vessel supply and lifts freight, although the article notes grain prices have not reacted much, so the impact is mainly on delivered costs.
maritimedata.aiMar 8, 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.
