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The Baltic Dry Index fell to 740 points on January 23, its lowest since June 2020 and down 41% year to date. Capesize spot rates were near cash breakeven as seasonal weakness and China's COVID policy weighed on bulk demand.
Sharply lower dry bulk rates reduce the cost of shipping grains and oilseeds, though analysts expect a recovery after Lunar New Year.
freightwaves.comGreg MillerJan 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.
