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Capesize dry bulk rates fell to $3,796 per day, with the Baltic 5TC index showing the tentative April bounce has faded. Shipping stocks fell after Star Bulk and Golden Ocean reported quarterly results, and analysts described spot rates as unsustainable.
Falling capesize rates reflect weak iron ore and coal demand linked to COVID-19, which lowers ocean freight costs for bulk grains, though the effect on feed ingredient prices is limited.
freightwaves.comGreg MillerMay 27, 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.
