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S&P Global said dry bulk freight rates in Q3 reached decade highs due to port congestion and COVID-19 quarantine protocols at Chinese ports. The Platts Cape T4 averaged $50,057 a day in September, the highest since its launch in November 2019.
Analysts expect elevated and volatile rates into Q4, the typically strongest season.
Expected strength in Q4 freight rates would raise the cost of moving grains and oilseeds from origin to destination. Ongoing COVID-19 port protocols add uncertainty to delivery schedules for feed importers.
spglobal.comShriram Sivaramakrishnan, Carina LiOct 5, 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.
