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The Baltic Exchange's main sea freight index rose 1% to 425 on Friday, its first weekly gain in ten weeks, as panamax rates climbed 3.9% to 636. Capesize rates fell to a ninth consecutive weekly decline, with average daily earnings down $87 to $2,445.
Brokers linked weak dry bulk demand to coronavirus disruption at Chinese mills and factories.
Higher panamax earnings signal firmer demand for vessels carrying grain and coal, which raises ocean freight costs for grain and feed ingredient shipments. The capesize weakness reflects lower Chinese raw material demand, which is a bearish signal for bulk freight overall.
scceu.orgFeb 21, 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.
