# Why panamaxes spiked - Splash247

> The Baltic Panamax Index rose 51% from January 28 to February 18, 2021, driven largely by a rush of US Gulf soybean shipments to China after backlogged Q4 sales. Spot freight to Qingdao rose from $30 to $47 per tonne in seven weeks.

- Date: 2021-02-23 · published 2021-02-23T12:00:00.000Z
- Category: logistics · region US · magnitude medium
- Page: https://feedsoft.ai/events/48521-why-panamaxes-spiked-splash247
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Soybean export shipments from the US Gulf to China are lifting Panamax demand and freight rates sharply, raising the cost of moving grain and feeding through to landed prices. The freight spike is a key driver of higher delivered grain costs for Asian buyers.

## Read by commodity

- SOY: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-06-03 | [Panamax and cape queues growing across China - Splash247](https://feedsoft.ai/events/46799-panamax-and-cape-queues-growing-across-china-splash247.md) | 0.0% | -7.2% |
| SOY | 2026-10-01 | [The freight divide: why Black Sea war strikes have pulled shipping rates far above the wider Atlantic Panamax market  - Fastmarkets](https://feedsoft.ai/events/16759-the-freight-divide-why-black-sea-war-strikes-have-pulled-shipping-rates-far.md) | +1.1% | -2.1% |
| SOY | 2021-04-22 | [Neopanamax Locks Have Expanded Shipping Routes \| Feed & Grain](https://feedsoft.ai/events/47487-neopanamax-locks-have-expanded-shipping-routes-feed-and-grain.md) | +4.0% | +2.7% |
| SOY | 2022-09-29 | [Oilseed futures spike; State stockpiler buys rapeseed oil](https://feedsoft.ai/events/39653-oilseed-futures-spike-state-stockpiler-buys-rapeseed-oil.md) | -2.8% | -1.9% |
| SOY | 2026-02-12 | [Global Grain Shipments Surge 15% in Early 2026, Boosting Panamax Freight Rates - India Seatrade News](https://feedsoft.ai/events/20812-global-grain-shipments-surge-15-in-early-2026-boosting-panamax-freight-rates.md) | +1.5% | +7.9% |

## Sources

- splash247.com: https://splash247.com/why-panamaxes-spiked/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.