Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-Bulk ocean freight markets are down this week but still at relatively high values overall. The Baltic indices and physical freight markets continued to fall back this week as they corrected from last month’s overdone rally. Rates, however, still stand near the highest levels since 2009. Overall, Panamax markets took back the $1.00/MT gains of last week as the market tries to find some equilibrium. Freight markets got a bit too excited too fast over the past six weeks and had to go through a period of adjustment, but they have not lost their bullish sentiment for Q4 of 2019.
