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ShippingWatch reports that dry bulk rates have fallen almost 30% since the start of 2020, according to the Baltic Dry Index. Analysts link the weakness to the Chinese New Year, the US-China trade dispute, and the 2019 Brazilian iron ore disruption.
Bimco expects 2020 to bring further challenges as the fleet grew faster than demand in 2019.
A weak dry bulk market keeps ocean freight costs low for grain and oilseed shipments, which narrows export margins for origins and affects delivered prices. Persistent overcapacity suggests freight rates may stay soft through the year.
shippingwatch.comJan 17, 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.
