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S&P Global reports Asian dry bulk rates falling steeply since October 20, with the Cape T4 index down 50.88% to $24,938 per day by November 9. Panamax and supramax routes also fell sharply as Chinese port congestion eased, steel output dropped, and iron ore and coal prices declined.
Sharp falls in dry bulk rates lower ocean freight costs for grain shipments, while weaker Chinese commodity demand signals reduced import appetite. Lower freight tends to ease delivered costs for imported feed ingredients.
spglobal.comShriram SivaramakrishnanNov 10, 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.
