Freight rates have tumbled after a series of defaults and cancellations by Chinese soybean importers.
Reports of 500,000 tonnes- worth of soybean purchases that defaulted after loading are said to be only a fraction of the volumes in April and May fixtures affected by cancellations, washout deals and postponements.
Loaded vessels are said to have diverted to destinations including Egypt, South Africa and the Gulf, in part because some buyers have been unable to obtain letters of credit but more because of loss-making soya meal prices in the Chinese market.
The
