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A U.S. Grains Council market report says there is little new in freight markets this week beyond crude oil tanker rates, which are surging for storage use at $90,000-150,000/day. Dry-bulk capesize hire is around $9,000-10,000/day and Panamax about $6,000-7,000/day.
Container rates remain low, and Clarkson estimates global seaborn trade could fall 5% in 2020.
Weak dry-bulk and container earnings point to soft ocean freight costs for grain exports, while the oil-driven tanker spike reflects the storage glut rather than grain demand.
grains.orgApr 23, 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.
