Economy
April 10, 2014
Seaborne Freight Rates Drop Dramatically
Written by Sandy Williams
Seaborne freight rates are in a valley trough right now according to the April 9 MID-SHIP Report. Freight prices dropped dramatically in all segments of the Baltic market as oversupply of ships caught up with diminished demand, exacerbated by extreme winter weather this year.
Other pressure to rates included China turning away shipments of US corn that were “grown with an unapproved genetically modified trait,” falling commodity prices and a statement by the World Trade Organization (WTO) that “global trade has failed to rebound as expected.”
