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Splash reports that spot earnings for all dry-bulk vessel sizes turned profitable by late September 2020, with average Capesize rates at $22,841 per day at the start of the week and handysizes above $10,000 per day. The article notes that Panamax vessels are only just breaking even on average spot rates for January through September, the weakest such period since 2016, and that bulk shipping equities have fallen sharply this year.
Firmer dry-bulk spot rates raise ocean freight costs for grain and oilseed cargoes, which feeds into delivered prices for imported feed ingredients. Weak Panamax earnings year to date, however, suggest the freight rebound is recent and may not be sustained.
splash247.comSplashSep 30, 2020Not 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.
