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Cyclone Debbie made landfall on Queensland's coast and caused major flooding that damaged the Goonyella rail line, which serves about half of the region's coal production. Several miners declared force majeure, and repairs were estimated to take around five weeks.
Baltic Dry Index fell 2.55% to 1,223 points, and cape rates eased from $18,259 to $15,698 over several days.
Disrupted Australian export logistics cut shipping demand and pulled freight rates lower in the short term. Freight normalisation depends on restoring the rail line, so the impact on bulk freight may last weeks.
seatrade-maritime.comMarcus HandApr 7, 2017Not 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.
