Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Vessel owners are in crisis mode and, like everyone else, are trying to figure out when economic conditions will improve. The good news this week is that physical freight markets were relatively steady. Vessel owners and operators are hoping that the markets may have finally found the bottom. On the container side, there has been an increase in the removal of capacity and, therefore, blank sailings. These markets, like all others, desperately need global economies to get back to work.
There have been additional COVID19 requirements placed at some Brazilian and Argentine ports. This has contributed to some delays, but overall grain shipments continue to move well. The Panama Canal continues to experience transit slowdowns and delays due to low water.
