Little Increase in Container Rates Forecast
WASHINGTON - Jan 30/14 - SNS -- Ocean freight rates are unlikely to increase much in 2014 because of over-capacity in both container and bulk conventional markets, suggest an article in the USDA's Agricultural Marketing Service January 30 Grain Transportation Report.
"Ocean freight rates were stable during much of (2013) due to overcapacity of vessel service; this trend is expected to continue in 2014," the USDA said.
For much of the period between January and October, 2013, containerized grain exports were greater than the averages for 2012 and 2011, and above the 5-year average.
Volumes hit a record high in October 2013 with nearly 60,000 twenty-foot equivalent units (TEU) exported. Distillers grains (DDGS), a derivative of corn-based ethanol production, were the top containerized grain export, and China was the top destination market for this feed supplement.
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