Brazil’s worst-ever drought continues to suppress grain exports, pushing down panamax numbers and rates plying the P8 (Panamax Santos to Qingdao grain 66,000 metric tonnes) route.
“On the panamax front, grain exports from Brazilian ports remain limited,” said brokerage Intermodal in its 3 December report.
As a result, grain shipments based on 60,000 metric tonnes on the Santos-Qingdao route have dropped sharply from $38 per tonne in October to $33 per tonne in November, a 13% month-on-month decrease, Clarksons data shows.
