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Spot rates for larger dry bulk carriers more than tripled since Nov. 1, with Capesize rates averaging $54,600 per day on Dec.
4 versus $15,800 on Nov. 1.
A 71% weekly Capesize surge was among the largest spot jumps in a decade. Analysts expect the rally to be short-lived and say rates may have already peaked.
A rapid freight spike raises the delivered cost of grain and oilseeds, though the expected reversal suggests the cost pressure may ease in early 2024.
freightwaves.comGreg MillerDec 4, 2023Not 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.
