Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk and container freight markets are slowly waking up from the Lunar New Year holiday. But many are not sure what they see as they rub their eyes in disbelief at the dramatic drop over the past three weeks. Freight markets are trying to stabilize but remain unsure of the full impact of the coronavirus (COVID19) situation. Today, markets are a little higher as they bounced off lows reached during the last few days. Rates however are still painfully low and lacking firm direction. Please remember that dry-bulk spot rates are very depressed, and a large carry exists between the spot and 30-day rates verses June-July values. The St. Lawrence Seaway is expected to open around 31 March.
