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Capesize freight paper saw profit-taking and a short-lived bounce in the week to 12 January 2018, with Jan contracts moving from a low of $16,800 to $17,200 per day. Tropical Cyclone Joyce, upgraded to category three, prompted Pilbara Ports Authority to order vessels to clear Port Hedland by 6:30 pm on 11 January.
Cyclone-related port closures at Port Hedland disrupt iron ore loadings and tie up dry bulk tonnage, which can support near-term freight rates. Grain and feed freight costs are only marginally affected since the disruption is concentrated in Australian iron ore shipping.
seatrade-maritime.comMarcus HandJan 12, 2018Not 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.
