Energy Crunch in Europe Hits Demand for Commodity Ships

By Elizabeth Elkin and Isis Almeida (Bloomberg) —

The cost of shipping commodities like grains, metals and coal has fallen as soaring energy prices in Europe throttle global economic growth.

Manufacturers of products such as fertilizer, aluminum and vegetable oils are curtailing production in Europe as the energy crunch makes operating plants too expensive. That’s reduced the need for ships to transport so-called dry bulk freight, according to Cargill Inc., the world’s biggest agriculture trader, pulling down rates from their pandemic high.

View entirety: Bloomberg