Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: For vessel owners, the last three months have been rough. After reaching 13-year highs in October 2021, the Baltic Index suffered a dramatic 13-week fall. Freight markets, however, seem to have finally found bottom, or at least a bit of a bounce. This is, however, the middle of the Lunar New Year holiday period and Chinese exchanges and trade offices are closed. The market will have to see how traders feel after returning from their holiday celebrations.
Unfortunately, there is still no new good news regarding container markets. Rates remain high and service problematic.
