Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The rebalancing of Capesize markets versus smaller ships continues with Capesize vessel rates up and other dry-bulk markets down for the week. Panamax and Supramax markets have been quite volatile and were described as “bottomless” early in the week. By week’s end, however, they did find a bottom and are enjoying a little bounce higher. Panamax indexed rates for May are currently $21,000 after a making a week low at $18,250. There is a $1,000 inverse in the May versus June rate spread, so it is obvious that most of the support is in the spot markets. Q3 rates came up to $18,500, and Cal22 traded at $13,500. Calendar year 2023 is sitting in a narrow range of $12,100-12,150.
