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CRU reports the Baltic Dry Index fell 39% in May, led by capesize declines tied to China's slowing recovery. It forecasts time charter rates to fall further in Q3 and Q4, with 2023 rates down about 32% year on year.
Expected falls in dry bulk charter rates and added fleet supply point to lower ocean freight costs for grain and oilseed cargoes. Cheaper freight can narrow import landed-cost spreads for feed ingredients.
crugroup.comAuthor Yessica Dames Economics FreightJun 21, 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.
