China’s lockdowns are now impacting global freight rates
China’s COVID-19 lockdowns have been increasing fears of a global economic slowdown, and now it is taking a toll on freight rates.
Dry bulk freight rates from Brazil to China dipped to $68 dollars per metric ton, which is down more than a dollar from last week. Cargoes heading to the western Mediterranean moved down to $34 dollars which is a decrease of 75 cents.
In the U.S., spot rates for the U.S. gulf to China dipped to $78 dollars per metric ton which is down $1.50 on the week. From Canada to China, rates decreased to just over $45 dollars which is down $1.25.