Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk freight markets played their normal game this week; indices and rates were up for the first three business days and then ran into selling pressure at weeks end. The selling activity caused prices to scale back from their weekly highs. Overall, markets are slightly higher from the prior week, but volumes are shallow and nothing dramatic is taking place.
This will likely be the scenario for most of 2021. Dry-bulk rates are expected to gradually creep upward, but it will be a struggle and nothing is expected to cause much market drama. Container rates have already made their dramatic move for 2020-2021 and they are expected to moderate after past Q2. Logistics are the challenge in these markets.
