Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The big dry bulk rally of two weeks was unusual and a surprise to most markets. Today, it feels like that rally was not only unusual, but also fundamentally unsupported and inappropriate. As such, markets have spent the last two weeks taking back the gains and returning to a less optimistic outlook. Markets are now entering the end of the year holiday season and most traders are evening up their positions and retiring from their desks until 2024. Week over week trading volumes have already slowed. For the next two weeks markets will mostly be moved by who is desperate to do what.
Booking slots and vessel transits through the Panama Canal will continue to be limited for the next few months.
