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The Baltic Dry Index fell 6.1% to 2,591 on November 16, its lowest since early June, as capesize and panamax rates retreated. Capesize earnings fell to about $28,059 per day and panamax to $24,072 amid weaker Chinese steel-related demand and Vale production cuts.
Lower dry bulk rates reduce ocean grain freight costs, which can ease landed prices for imported feed grains and meals. The decline reflects softer Chinese commodity demand, a bearish signal for bulk shipping.
gcaptain.comReutersNov 16, 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.
