Market Perspectives – January 19, 2023

Ocean Freight Comments

Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The Lunar/Chinese New Year will occur this Sunday, 22 January and markets are therefore entering a ten-day holiday period. FFA paper traders have been sellers as they clean up positions going into the holiday.

It has been rough sailing for vessel owners to start the New Year and, for the moment, the skies are looking dark. Vessel owners are desperately hoping that China reopens strong and that traders open their wallets when they return from holiday. Panamax hire rates for CY 2023 are just $13,400/day.