FAO World Food Price Index Fell in January 2024 to lowest level since February 2021

World food prices as measured by the FAO Food Price Index continued to fall, down for a sixth month to 118 index points in January 2024, the lowest level since February 2021. The index is 13.7 points (10.4%) lower from a year ago, well off the record hit in March 2022 after Russia invaded Ukraine. Cereals prices were down 2.2% to December 2020-lows as global wheat export prices declined amid strong competition among exporters and arrival of recently harvested supplies … Continue reading “FAO World Food Price Index Fell in January 2024 to lowest level since February 2021”

Shipping Chaos Continues with Red Sea Attacks and Panama Canal Chokepoint – TC Shipping Monitor

The last month has been chaos for shipping reflected in the different shipping routes since Houthi attacks on merchant ships have caused widespread merchant ships to avoid the southern Red Sea moving manufactured goods and grains to oil and gas. Tanker traffic has dropped sharply through the key Bab al-Mandab Strait. Detours on shipping lines are expected through February, March the world’s second-largest container line A.P. Moller-Maersk A/S said. Diversions come amid ongoing chokepoint at Panama Canal. Shipping lines are … Continue reading “Shipping Chaos Continues with Red Sea Attacks and Panama Canal Chokepoint – TC Shipping Monitor”

Baltic Index Falls Third Straight Week as Red Sea Attacks Impacts – TC Shipping Monitor

The Baltic Exchange’s dry bulk sea freight index fell for the third straight week as rates declined across all vessel segments. The BDI fell about 10.8% on the week, hitting its lowest since Nov. 23 on Thursday. Shipping is facing chaos since Houthi attacks on merchant ships have caused widespread merchant ships to avoid the southern Red Sea moving manufactured goods and grains to oil and gas. Tanker traffic has dropped sharply through the key Bab al-Mandab Strait. Detours on … Continue reading “Baltic Index Falls Third Straight Week as Red Sea Attacks Impacts – TC Shipping Monitor”

Baltic Freight Index Falls Again as Iron Ore Pulls Back – TC Shipping Monitor

The Baltic Exchange’s dry bulk sea freight index fell for the second straight week as rates declined across all vessel segments. The BDI fell about 5.4% for the week, which followed the prior week’s 22% fall with the impact of cargoes such as iron ore and coal pulling back from recent highs. The BDI had more than doubled in November to hit a one-and-a-half-year peak. The capesize index was down by 3.4% for the week after it fell 33% the … Continue reading “Baltic Freight Index Falls Again as Iron Ore Pulls Back – TC Shipping Monitor”

Baltic Freight Index Snaps Four Week Rally, falls 22% as Vessel Rates Exceeded Equilibrium- TC Shipping Monitor

The Baltic Capesize Index was down 12 points, or 0.5%, at 2,483 on Friday. It declined 22% for the week after it had surged 52% the prior week with the impact of cargoes such as iron ore and coal pushing bids higher. Iron ore futures were again higher, but vessel rates had exceeded equilibrium and came back as a result. The BDI had more than doubled in November to hit a one-and-a-half-year peak. The capesize index fell 33% for the … Continue reading “Baltic Freight Index Snaps Four Week Rally, falls 22% as Vessel Rates Exceeded Equilibrium- TC Shipping Monitor”

Baltic Freight Index Rally Continued for Fourth Straight Week, Surging 52% – TC Shipping Monitor

The Baltic Capesize Index on Friday jumped or 8.7%, to3,192 on Friday. It surged 52% for the week after it ignited the previous Friday when it soared the most in over two years with the impact of cargoes such as iron ore and coal pushing bids higher. The BDI has more than doubled in November to hit a one-and-a-half-year peak. The capesize index jumped about 84% in its best week since March. The panamax index gained 13% this week to … Continue reading “Baltic Freight Index Rally Continued for Fourth Straight Week, Surging 52% – TC Shipping Monitor”

Baltic Capesize Soared 26.4%, Its Biggest Daily Increase in Over Two Years – TC Shipping Monitor

The Baltic Capesize Index on Friday soared the most in over two years with the impact of cargoes such as iron ore and coal pushing bids higher. On Thursday it rose 11% to 2,679 points and squeezing for the second day another 26.4% to 3,385 points. The weighted average spot rate across five key capesize routes soared by $5,855 on Friday and was assessed by panelists at $28,071 per day. This was the fifth largest daily jump in the capesize … Continue reading “Baltic Capesize Soared 26.4%, Its Biggest Daily Increase in Over Two Years – TC Shipping Monitor”

Three Week Rally in Iron Ore Helped Baltic Freight Index Reverse its Slide – TC Shipping Monitor

The Baltic Exchange’s dry bulk sea freight index continued it bounce that started last week after spitting 1,400 after falling almost 2100 points. The BDI, rose 45 points, or 2.8%, to 1,643 Friday to finish up 12.4% for the week. It had fallen dramatically reversing seven consecutive weekly rises to a one year high. The capesize index led the charge higher, adding 103 points, or 4.1%, to 2,589, up 21.4% for the week. Even the laggard panamax index rose 30 points … Continue reading “Three Week Rally in Iron Ore Helped Baltic Freight Index Reverse its Slide – TC Shipping Monitor”

Baltic and Capsize Freight Indices Turnaround Friday but Still Down for Week – TC Shipping Monitor

The Baltic Exchange’s dry bulk sea freight index bounced off 1,400 after falling almost 2100 points since. The BDI snapped an 11-session losing streak Friday by 77 points, or 5.6%, to 1,462, however it still fell 6.5% this week, a second straight weekly fall after losing 23.6% last week. It has fallen dramatically reversing seven consecutive weekly rises to a one year high. The capesize index also participated in turnaround Friday gaining 250 points, or 13.3%, to 2,133, still down 4.2% … Continue reading “Baltic and Capsize Freight Indices Turnaround Friday but Still Down for Week – TC Shipping Monitor”

The Capesize Index Shed 37% this Week Sending the Baltic Index Down Over 23% – TC Shipping Monitor

The Baltic Dry Index fell heavily this week, losing 23.6%, its second-biggest weekly fall this year after seven consecutive weekly rises and to a one year high. The BDI fell by 99 points, or 6%, to 1,563 Friday. The capesize index had been the driver in the advance and was on the downside this week. The capesize index fell 239 points, or 9.7%, to 2,226, its lowest in over a month Friday. It fell 37% this week, its biggest drop … Continue reading “The Capesize Index Shed 37% this Week Sending the Baltic Index Down Over 23% – TC Shipping Monitor”