U.S. East Coast and Gulf Coast ports began reopening late on Thursday after dockworkers and port operators reached a wage deal to settle the industry's biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time.
U.S. port strike ends leaving cargo backlog
Tentative deal includes 62 per cent wage hike over six years
Bulk ocean freight rates fall from highs despite uncertainty
Container rates have climbed higher as Houthi attacks in the Red Sea have caused diversions
The Baltic Dry Index (BDI), a major indicator of bulk shipping rates, has dropped sharply over the past month after hitting 18-month highs in early December. Meanwhile, container rates have climbed higher over the same period as attacks by Houthi militants in the Red Sea have caused many shipping companies to divert their vessels.
Bulk ocean freight at highest level of past year
Container freight rates seen softening
MarketsFarm — Ocean freight rates have shown some strength over the past two months, with the Baltic Dry Index (BDI) at its highest level of the past year. The BDI, a major indicator of bulk shipping rates, settled at 2,058 points on Tuesday, marking the first close above 2,000 points since July 2022. The BDI […] Read more
Ukraine announces ‘humanitarian corridor’ for other stuck ships
Moscow not yet commenting on plan
Kyiv | Reuters — Ukraine announced a “humanitarian corridor” in the Black Sea on Thursday to release cargo ships trapped in its ports since the outbreak of war, a new test of Russia’s de facto blockade since Moscow abandoned a deal last month to let Kyiv export grain. At least initially, the corridor would apply […] Read more
Pulse weekly outlook: Exports solid through 10 months
West Coast ports move to clear strike backlog
MarketsFarm — Canadian pulse exports continued at a solid pace through most of the 2022-23 marketing year, although recent disruptions on the West Coast may cut into the final total. Roughly a quarter of all Canadian pea exports, a third of the lentils, and all the chickpeas typically move by container, with a strike by […] Read more
Pulse weekly outlook: B.C. port strike drags on exports
Cargoes either stuck at port or held at home
MarketsFarm — As the 11-day-old port workers strike in British Columbia continued to impede exports from Canada’s West Coast, Marcos Mosnaim of Export Packers said the work stoppage was taking a toll on the country’s pulse exports — specifically those exported by container. “So you have cargo held in Vancouver or on its way to […] Read more
Bulk ocean freight rates recover off lows
Container rates remain in downtrend
MarketsFarm — Ocean freight rates have shown some strength in late February, with the Baltic Dry Index (BDI) recovering off two-and-a-half-year lows hit earlier in the month. The BDI, a major indicator of bulk shipping rates, has risen for seven straight sessions to settle Monday at 935 points, up from the low of 530 points […] Read more
Ocean freight rates falling
Baltic index at lowest since mid-2020
MarketsFarm — Ocean freight rates are under pressure to start 2023, with the Baltic Dry Index (BDI) dipping to its lowest level since June 2020 as poor demand for vessels weighed on values. A seasonal slowdown of cargo movement ahead of the Chinese New Year was seen as contributing to the latest softness, despite easing […] Read more
Ocean freight rates under pressure
Container rates also lower
MarketsFarm — Ocean freight rates have come under pressure over the past month, nearing their lowest levels of 2022 as mounting COVID-19 cases in China, along with increased restrictions in the country, have contributed to concerns over declining demand. The Baltic Dry Index (BDI), a major indicator of bulk shipping rates, settled at 1,149 points […] Read more
Feds back Montreal port grain terminal for upgrades
CanEst crop container terminal funded for equipment, capacity improvements
CanEst Transit’s grain container terminal at the Port of Montreal is putting $8 million in federal funding toward new equipment and improvements to current infrastructure. Transport Canada, in a release Wednesday, said the goal of the terminal project is to “increase the number of containers stored onsite, improve the quality of the grain-cleaning service, optimize […] Read more
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