Shipping Rates to Plunge 31% on Australia Glut: Freight Markets
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A 20-mile-long line of commodity carriers off Queensland, suffering its worst floods in a half-century, means less income for owners already reeling from the biggest slump in freight rates in more than two years.
There are 132 vessels floating off the Australian state, which accounts for about 50 percent of the global seaborne supply of coal used in steelmaking, data collected by AISLive and compiled by Bloomberg show. Ships will wait at least 22 days to load, the longest delays since April, according to Truro, England-based Global Ports, which tracks the industry.