Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It was a mixed story in dry-bulk ocean freight markets this week as the Capesize and Panamax sectors staged a small rally but ran into resistance at the week’s end. Markets were supported by increased Chinese port congestion and slower vessel turn times for the larger ships, while the Supramax and Handymax markets exhibited some weakness. Freight markets continue to closely watch Chinese steel demand for signs of improved demand. Panamax FFA paper for Q2 traded up $1,500 to $17,200/day, with Q3 trading at $17,400/day.
