Grain trade injects life into moribund dry bulk market
The significant rise in grain shipments has more than doubled the freight rates for supramax and panamax ships since the beginning of the year. Combined agricultural export volumes from the US, Argentina and Brazil rose to 148.6m tonnes in the first half of 2020, from 136.8m tonnes in the first six months of 2019, according to BIMCO
According to BIMCO chief shipping analyst Peter Sand, if exports of soyabeans and corn from the US are strong from the beginning of the new marketing year, there will be healthy support to the dry bulk market taking effect from September onwards