Ocean freight rates for shipping bulk grains fell during the first week of the year, compared to the previous week and the same period a year ago.
As of January 2, the rate for shipping a metric ton (mt) of grain from the U.S. Gulf to Japan was $45.75 — 2% less than the previous week and 3% less than the same period a year ago.
The rate from the Pacific Northwest (PNW) to Japan was $25 per mt— 2% less than the previous week and unchanged from the same period last year.
Historically, ocean freight rate markets change little during December and January because of the various holidays.
Also, 29 ocean-going grain vessels were loaded during the week ending January 2, nearly as many as in the same week last year (30 vessels).
Rate changes depend on many factors including the recently enforced International Maritime Organization regulations on low sulfur emission by ocean-going vessels and other trade issues.
