Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It was another dull week in dry-bulk shipping markets. Lacking bullish news to move the market, most freight markets settled the week unchanged to slightly lower. Vessel owners are approaching the IMO2020 deadline and know they will face higher low sulfur fuel costs; however, they continue to believe the market will bail them out and compensate them through higher rates. The reality is that we are not seeing evidence of that theory materializing yet. Container shippers should fully expect to see fuel surcharge fees placed into their contracts very soon.
