War Influencing Freight Rates

As of April 21, the rate for shipping grain from the Pacific Northwest to Japan was $44.75 per metric ton. That’s up more than 20 percent from last year. Higher energy costs are blamed for some of that increase. The USDA Grain Transportation Report said rates may moderate as more ships become available. Over 700 dry bulk vessels are typically loaded at Russian and Ukrainian ports each month. The war is reducing the grain trade out of the Black Sea, freeing up ships for trade in other parts of the world.