Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk freight markets increased this week on support from cargo demand from the U.S. Gulf and East Coast South America to China. The Capesize market also helped move markets with better rates for Australian Iron Ore to China. Daily hire rates for August Panamax vessels pushed up to $13,000/day and September to $13,600/day. Forward months however remained range bound at $9,900-9,850/day, and all the excitement is in nearby positions.