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The Baltic Exchange's main sea freight index rose about 21% in a single session to 816, its second-biggest daily jump on record, with all vessel segments rebounding from multi-year lows. The capesize and panamax indices posted sharp gains, with panamax earnings at their highest since early January.
A sharp rebound in bulk freight rates raises the cost of moving grains and meal by sea, which feeds into landed feed prices for importers. Whether the rally holds depends on sustained cargo demand from South America and the US.
marinelink.comFeb 23, 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.
