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S&P Global Platts reported that time charter equivalent rates for capesize, panamax and supramax vessels in the first week of 2020 were far below levels from the same period over the past three years. The Baltic Dry Index fell to a nine-month low on shrinking demand across all vessel classes.
Rates fell despite expectations that IMO 2020 fuel rules would lift freight.
Weak dry bulk rates lower the cost of shipping grain and oilseeds, which supports export competitiveness for origins. The slump reflects reduced cargo flows, so it is a bearish signal for ocean freight.
scceu.orgJan 13, 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.
