Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It was more of the same in dry-bulk markets this week as markets sold off in the first half of the week and then recovered slightly at week’s end. Freight markets seem to be hoping for an early Christmas, but that has not yet materialized. Markets are mostly steaming in circles waiting, and hoping, for their big opportunity. FFA paper traders are at least able to take some advantage out of the dips and bumps.
Panamax FFA paper for Q2 was flat again at $15,700/day, Q3 moved up 500 points to $17,025/day. The biggest change was the strength in the Supramax and Handymax sectors versus Panamax values. U.S. container grain export volumes continue to fall and are starting to look like pandemic-level markets.
