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A FreightWaves analysis says dry bulk has struggled for a decade, and Evercore ISI's Jon Chappell expects 2020 to be another loss-making year. Capesize rates are seeing a seasonal upturn but remain below breakeven.
The piece cites the 2019 Brumadinho dam collapse in Brazil and the resulting cut in Vale iron ore exports as a setback.
Persistently weak Capesize earnings keep ocean freight costs for bulk commodities low, which limits pressure on delivered feed ingredient prices.
freightwaves.comGreg MillerApr 20, 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.
