Ocean Freight Rates Continue to Fall
USAgNet - 06/16/2017
The ocean freight rate for shipping bulk grains from the U.S. Gulf to Japan was $36 per metric ton, a 3 percent drop over the past 2 weeks and 13 percent below the year-to-date peak of $40.50 per mt on April 20.
Shipping bulk grains from the Pacific Northwest to Japan was $18 per mt, down 5 percent over the past 2 weeks and 19 percent below the year-to-date peak of $22.25 per mt on April 13.
The bulk shipping market could not sustain the rally that occurred during the early part of the year, as excess vessel supply persists amid lagging demand for moving bulk materials, including grains.