Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The best and most appropriate market comment for this week is: Happy New Year!
Most freight traders are still on holiday and markets are very thin and quiet. A lack of trade in some markets has caused the spreads to get out of adjustment.
Cargill chartered a Kamsarmax vessel to carry soybeans from Brazil to Spain for January 10-20 at $27,000/day. The Panamax FFA paper market is trading at $25,200 for Q1, and $22,900 for Q3. Supramax markets are about a $1,000/day discount to the Panamax.
Unfortunately, there is nothing new or positive to report in container grain freight markets. Logistics remain a mess and there is currently no hope for much improvement over the next few months.
