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BIMCO data show dry bulk freight rates for panamax and handysize vessels fell in the first two months of 2020 to $3,535 and $3,502 per day. Seasonal weakness, higher fuel costs after the IMO 2020 sulphur cap, and coronavirus disruption to Chinese imports all weighed on earnings.
Fleet growth is forecast to outpace demand growth through 2020.
A weakening demand-supply balance points to lower ocean freight rates, which reduces landed costs for imported feed ingredients and grain. Lower freight costs can partly offset commodity price strength for buyers.
cemnet.comICR NewsroomFeb 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.
