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The first vessel sailed from the Mississippi River at a draft of 47.7 feet after pilots raised the allowable depth to 48 feet on December 20. The Cargill-operated ship loaded more than 112,000 metric tons of coal for the Far East.
The terminal operator expects to load vessels to 50 feet in 2022.
Deeper channel drafts let vessels carry more cargo per trip, lowering per-ton shipping costs for U.S. bulk exports. That improves competitiveness of U.S. grain and oilseed exports against Brazilian and Black Sea origins, which is mildly bearish for ocean freight rates.
marinelink.comDec 27, 2021Not 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.
