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The Santos-Qingdao grains route was assessed 13% lower week on week amid a bearish market and U.S. Gulf coast competition, sources told the Hellenic Shipping News.
The Santos-to-Qingdao, 60,000 MT grains route was assessed down $3.50/mt at $29.00/mt on July 22, the largest single-day fall since the coronavirus pandemic took hold in March.
Bearish sentiment has contributed to reduced voyage rates across the Atlantic, sources said.
The East Coast South America region was by far the hardest hit. As Brazil comes to the end of its harvest season, exports of soybean have begun to decline.
