Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk ocean freight markets mostly steamed around in circles this week. Markets did move slightly higher early in the week, but lost momentum at week’s end. We are now entering the Easter week three-day holiday period and can expect things to remain rather quiet until everyone returns to work next Monday. Container shipping companies are trying to prepare for the year-end IMO2020 regulations deadline and are attempting to place a $150/TEU fuel surcharge into their Q4 contracts. We will have to see if BCO’s accept this, and which carriers hold the line on the charges. The U.S. Texas Gulf will lose one grain export facility June 1 as the Corpus Christi public elevator switches over to liquid/oil cargo.
