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EastGate's mid-year dry bulk report says Capesize earnings passed $30,000 per day before settling near $27,000, which it calls a correction within a positive trend. It attributes the strength to Chinese iron ore demand after China's COVID-era shutdown and to record Australian ore exports in June.
Capesize strength is driven mainly by iron ore rather than grain, so the direct effect on feed ingredient freight is limited. Broader dry bulk tightness can still lift the ocean freight rates that feed buyers pay.
drybulkmagazine.comJohn WilliamsJul 14, 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.
