Loading…
Capesize bulker spot rates fell to $17,300 per day on July 24, about half the July 6 peak of $33,800, and are down 39% year-on-year. Panamax rates, the vessel size used for bulk US farm exports, fell to $11,400 per day, 40% below a year earlier.
Panamax freight is a direct component of the landed cost of US grain and meal exports, so lower rates reduce the cost of shipping feed ingredients overseas and weigh on ocean freight prices.
freightwaves.comGreg MillerJul 24, 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.
