Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The Lunar New Year holiday has ended, and vessels owner are awaiting – what they hope will be – good news about a resurgence in cargo demand. According to vessel owners, and most freight publications, the Dry Bulk market for 2023 looks positive and rates most certainly must go up, if for no other reason than the belief that they cannot go any lower. The last half of 2022 and the first month of 2023 have been brutal for both Dry Bulk and Container vessel owners. The only happy owners are those with tankers, as they are benefiting from increased tonne-miles due to shipments of Russian oil shipments to India and Asia. March Panamax daily hire rates are trading at $11,500/day with Q2 2023 at $13,300/day. All hopes for an uptick in rates remain dependent on a robust reopening in China.
