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Ocean Freight Rates Continue To Drop

Rates mirroring slump in global bulk trade

Cargo ship4

Since the beginning of January, ocean freight rates for shipping bulk commodities (including grains) have continued to drop, mirroring the slump in global bulk trade.

In the week ending April 23, shipping bulk grain from the U.S. Gulf to Japan cost $37.25 per metric ton (mt) — a 19% drop from the first available rate on January 2.

Also, in the week ending April 23, shipping from the Pacific Northwest (PNW) to Japan cost $19.25 per mt — 23% less than on January 2.

Despite rallying slightly between February 13 and March 5, rates have continued to decline since then. The slump in the global dry bulk results from recent supply chain disruptions around the globe (see April 16 Grain Transportation Report).

Information provided by USDA Grain Transportation Report

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