Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It was another mixed week for dry-bulk markets. Without much in the news, U.S. Gulf-Atlantic markets received some buying support while Pacific markets were flat. Panamax sectors performed better than all other sectors. Unless something interesting pops up on the physical demand side, it will be difficult for the Panamax market to maintain its current levels.
Q3 FFA Panamax markets moved back down to $10,750/day. Q4 is trading flat at $11,300/day, and CY 2024 at $11,000/day. The water situation at the Panama Canal is not improving and container vessels are stacking up. This should move some of the U.S East Coast container business back to the West Coast. The West Coast Canada port strike appears to have been settled.
