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Baltic Exchange data for the week to February 25 shows Capesize rates rising early, then falling sharply after events in Ukraine, with the 5TC closing at $14,026 from a $18,181 high. Panamax demand stayed firm on strong mineral and grain demand from South America.
Owners are halting or rerouting vessels on some routes due to war risk.
War-risk rerouting and higher fuel costs are pushing freight rates lower on some routes, while grain-related Panamax demand from South America supports the segment and feeds through to feed ingredient landed costs.
businesstimes.com.sgFeb 25, 2022Not 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.
