Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The Lunar/Chinese New Year will occur on Sunday, 22 January and it will be the Year of the Rabbit. Though vessel owners are expecting this to be a good year for freight and freight rates, it currently looks like the rabbit is going down a rabbit hole.
The start of the western new year has not been kind to vessel owners as the indices, rates, and shipping stocks have continued to plummet. January-February Panamax daily hire rates slipped to $8,900/day with Q2 2023 trading at $13,600/day and CY 2023 at just $12,600/day. All hopes for a turnaround still depend on improved Chinese demand.