# ‘Astronomical’ gains for dry bulk shipping but rally looks fleeting

> 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.

- Date: 2023-12-04 · published 2023-12-04T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32468-astronomical-gains-for-dry-bulk-shipping-but-rally-looks-fleeting
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

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.

## Read by commodity

- OCEANFRT: bullish ▲

## Sources

- freightwaves.com: https://www.freightwaves.com/news/dry-bulk-shipping-logs-astronomical-gains-but-rally-looks-fleeting

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.