Market Perspectives – February 23, 2023

Ocean Freight Comments

Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk markets finally hit bottom and bounced higher this week. FFA paper markets are leading the rally and trying to convince everyone that the forward outlook is now bullish. They believe things can only go up from here. Physical markets want to follow the new optimism but are not as confident about things as the paper traders seem to be. The market still needs to see increases in physical cargo demand and not just FFA paper buying. Hope springs eternal. March Panamax daily hire rates are up $2,000/day this week to $11,000/day, with Q2 2023 at $14,000/day.